🌴 Cayman Islands' rapid development neglects locals

The 2024 Economic Forum in the Cayman Islands failed to address key issues affecting the local population, according to an attendee. The government's $2 million support for private schools was deemed insufficient as many Caymanian parents can no longer afford private education due to increased fees and the cost of living. The premier's proposal for another private school to accommodate the influx of expatriates was criticized as it disregards the lack of infrastructure to support the rapidly increasing population. 🏫

Despite projected revenues of a billion dollars and a small surplus, the government plans to borrow more money for capital projects. This move was questioned for its prudence, especially considering the half a billion dollars in loans the country already needs to repay. The forum also revealed plans for increased development without addressing the consequences of overdevelopment, such as inflation, traffic congestion, and housing shortages. 🏙️

The deputy premier's suggestion to build bungalows for expatriate workers was met with criticism, as it was seen as an attempt to import poverty rather than address the needs of locals. Furthermore, the introduction of crowdfunding and digital wallets to support entrepreneurs and the unbanked population was viewed skeptically due to potential regulatory issues and the possibility of increased consumer fees. 🏦