Excerpt from caymancompass.com
Why the Cayman Islands should look beyond GDP:
Limited control over imports: SIDS often depend heavily on imports due to their small size, isolation, and resource scarcity, which traditional economic theories do not account for.
Vulnerability to external shocks: SIDS are particularly susceptible to global economic changes, natural disasters, and shifts in major trading partners’ economies.
Need for resilience and adaptation: Economic policies for SIDS should prioritise resilience, sustainability, and adaptation to external shocks.
Unique development goals: SIDS prioritise goals like social inclusion, cultural heritage preservation, and environmental protection over mere GDP growth.
Innovation and entrepreneurship: There is significant innovation potential in sectors like renewable energy and sustainable tourism, which should be considered.
Global cooperation and support: SIDS require international support, including debt relief, finance access, technology transfer, and fair-trade practices.
