State of economy subject of new forum
(CNS): The Cayman Islands Chamber of Commerce will be hosting a local economic forum later this month, with a view to updating the community on the state of Cayman’s economic growth, its key industries and the government finances, including positive developments, challenges and an outlook for the medium term. Finance Minister Roy McTaggart will deliver the keynote address while representatives from the main industry associations will deliver presentations on the respective sectors.
Chamber President Paul Byles said, “Last year our Growth Matters campaign explained the importance of economic growth and how it could be attained, and we want to continue advocating for sustainable growth.”
He said the Chamber had hosted two breakfast briefings recently on the financial services and tourism industries, but it was important that the country take stock of the status of our economy and its medium term future. “With the help of industry experts and senior government officials, this event will do just that,” he added.
McTaggart will provide an overview of the current state of the economy, the government’s fiscal position, and projections for the economy for the next three years.”I look forward to a lively discussion and debate on Cayman’s economic performance and the challenges we face,” he said.
Cayman Finance CEO Jude Scott, Tony Catalanotto (Treasurer, Cayman Islands Real Estate Brokers Association), and Theresa Leacock-Broderick (President, Cayman Islands Tourism Association) have also confirmed they will speak about their industries. There will also be question-and-answer periods after each presentation, and audience members will have the opportunity to ask any burning questions, or for clarification on any points raised during the presentations.
The Economic Forum will take place at the Kimpton Seafire Resort & Spa from 12:30pm on Thursday, 24 May.
“We are encouraging members and non-members to register early for this event as it is expected to fill up quickly and registration is free,” Byles added.
For more information visit the Chamber website.
Category: Business
11:24am News Counterflash: This Earth is actually flat.
Newsflash: the Cayman Islands are more likely to be on the brink of an economic contraction with consequential unemployment, than resume a sustainable period of growth. We should expect losses in Banking, Private Client, and Trust Services – key pillars of CIG revenue (worth several times the Tourism sector). That’s really what a responsible group should be preparing business for, not the prospect of limitless growth. We won’t be able to fully absorb that displaced workforce, nor service current-levels of CIG borrowing, and there will be social repercussions for everyone, including local businesses. It would be constructive to keep the discussion real, and plan for what most of us can already see coming.