Unemployment is down and GDP is up.
Finance Minister Marco Archer told Cayman 27 steady, sustainable growth in the economy is pushing the numbers in the right direction.
While pundits debate the possibility of a global economic downturn, Mr. Archer says he doesn’t see our country slipping into recession.
“We’ve had ten consecutive quarters of economic growth in the last eleven quarters, so economic growth is on a sustainable path, so we were doing quite well,” said Minister Archer.
He said the country’s nearly three years of economic growth were not a result of blind luck.
“I think it’s more to do with careful and deliberate policies as opposed to a hot streak being luck. It’s more the way we have managed the country that has helped create the environment for the economic growth,” said Mr. Archer.
Mr. Archer said the growth in GDP, up by 1.6% percent in 2016 and predicted to climb at a similar pace through at least 2019 according to government projections; and the drop in unemployment to 4.2% overall and 6.2% for Caymanians is evidence that government’s strategy is working.
“I think this administration has proven itself, capable of managing the country in such away that the economy grows, opportunities for Caymanians are growing,” said Mr. Archer.
While he told Cayman 27 government is sticking to its recipe for economic growth, he said there’s always the risk that outside conditions could spoil the stew.
“A global recession would certainly impact our ability to grow, but I don’t think our economy itself will be in a recession, that’s totally different from reduced economic growth, it’s totally different from being in a recession,” said Mr. Archer.
Mr. Archer said he expects the slow, steady growth to continue, despite global conditions.
“I do not see us being anywhere near a recession later on thus year, early in the next year,” he said emphatically.
Mr. Archer told Cayman 27 there is still progress to be made on the economic front, but said the country is certainly better off than it was just a few years ago.