KPMG surveys pandemic recovery and growth for small islands
A new report from KPMG said island governments were developing new or refreshed national economic strategies to get their countries on the right track after being hard hit by the pandemic.
The report outlined best-in-class examples of how islands are developing glide paths to economic growth and stability.
It is based on recent news and conversations with public sector leaders from Bermuda, Barbados, Jamaica, the Cayman Islands, the Bahamas, and Isle of Man.
It included Bermuda efforts to capitalise on the “digital nomad” scheme, vertical farming and digital banking.
The report said: “Many island jurisdictions are not only recovering but prospering and punching above their weight as they diversify their economies, educate to meet the demands of a digital future and aggressively introduce energy and food sustainability.
”Conversations with senior government officials suggest that more emphasis is being placed on attracting inward investment and strategic partnerships to achieve economic plans.“
“The regeneration and optimism of the islands is impressive,” said report contributor Lori Rockhead, director and sector lead for government, infrastructure and healthcare for the KPMG Islands Group.
“Governments are re-conceptualising their role as stewards of environmental and socio-economic wellbeing to improve the future for citizens. Fortunately, the renewed global interest in the United Nations’ sustainable development goals makes it a good time to be seeking global interest and investment.”
The report said the pandemic had created unprecedented change and a greater acceptance of the necessity for change and the potential for renewal and innovation.
KPMG said it was excited to witness a renewed commitment to sustainability and economic development among their public sector and corporate clients.
“We sincerely believe that ultimately those jurisdictions which aim for expansive sustainability will experience higher rates of economic growth.”