Cayman: a growth story
Bermuda's economic struggles have caused many to look about 1,300 miles to our southwest and compare our state to that of a fellow British Overseas Territory that is on a growth streak.
The Cayman Islands outperform Bermuda on almost every metric, with an economy growing at a 3 per cent average inflation-adjusted rate over the past five years, while Bermuda has managed just 0.1 per cent.
In stark contrast to Bermuda, Cayman has created thousands of jobs over the past decade as its population rises. A global powerhouse hedge fund industry, a booming tourism industry and flourishing construction and real-estate sectors have fuelled Cayman's prosperity.
In a five-part series starting on Monday, Jonathan Kent, our Business Editor, runs the rule over the Cayman growth story in an effort to discover the Caribbean offshore financial centre's “secret sauce”.
We will analyse and compare key data, detail government policies that have created an environment for growth and examine the side effects of rapid development on the community and the environment.
We gauge the views of businesspeople, including several who have experience of both jurisdictions, as well as Caymanian politicians and community activists, as we strive to find out what Bermuda can learn from the Cayman growth story.