Divetech Cayman
Contributor
It amazes me that an economy such as theirs (70% of GDP is tourism) can remain so resolute and unwilling to change tack in this matter. Their country, their rules.
When I first became a board member for CITA, I asked the question, does anyone actually have any hard data on what percentage of the GDP tourism actually is? Everyone blinked at me and stared. The CIG claims its 20%. The CIA fact book has it at 70%. I've seen a variety of figures ranging from everything in between. No one can give me a straight answer. The Cayman Government is proceeding as if the impact from tourism is 20%.
I'm no economics expert, and I was later told GDP is not the correct way to quantify tourism's direct impact on the local economy, but you get the idea. Garbage in, garbage out. You'd be shocked at how little actual factual data there is here on things like population figures.
Right now, they are riding this construction wave that's occurring to bridge the gap. For regular travelers to the Cayman Islands, you'd be absolutely shocked at how much building has occurred, and continues to occur. Out on the boat last week in West Bay, I counted 12 construction cranes along the SMB corridor. There are dozens more out east and on the south shore.
Tony