🌴 Cayman Islands Tourism Minister disputes economist's report on low value of tourism

Tourism Minister Kenneth Bryan has criticized a report by regional economist Marla Dukharan on the Cayman Islands’ economic fortunes. Dukharan's report suggests that the tourism sector contributes a relatively small amount to the economy, with the Cayman Islands being almost entirely reliant on the finance sector. Bryan, however, disputes these findings, arguing that Dukharan has not considered important elements such as work permit revenue for the Cayman Islands Government or the fact that many of the small businesses that depend on visitors are owned by locals. 📝

Dukharan's report, titled Unleashing Cayman’s Potential: A Journey Towards Prosperity, was published on her website and was not commissioned by the Cayman Islands Government. She warns of the growing inequality gap in the Cayman Islands and the challenges the islands face in growing their GDP due to the high level of spending on imported goods. Dukharan also questions the sustainability of the tourism sector and suggests that the Cayman Islands need to change their economic model. 📈

In response to Dukharan's report, Bryan has raised concerns that she has drawn conclusions without having access to all the information or data relating to the industry. He also notes the interaction between financial services and tourism and how the infrastructure that has grown up around tourism has made the Cayman Islands more attractive to people working in financial services. Dukharan is due to appear on TalkToday, Radio Cayman’s lunchtime call-in show with Sterling Dwayne Ebanks, on Friday. 🎙️