(CNS): Cayman Islands anticipate turmoil and must prepare, Wayne Panton said RF Economic Outlook Conference on wednesday. He said Cayman has endured the COVID-19 storm and is beginning to recover. This was greatly helped by the financial services sector, which the Prime Minister described as the cornerstone of the economy. He said the history of government fiscal prudence also helped the country navigate this turmoil.
He said the fiscal cautiousness that provided income buffers without increasing debt would continue in a strong and resilient economy that is expected to grow this year and next. “We are committed to maintaining buffers to mitigate shock. As leaders, we need to anticipate and prepare for confusion.”
Pantone, who addressed the video, talked about pandemics, wars in Ukraine, supply chain problems, ongoing problems associated with inflation and rising interest rates, the risk of climate change, and the inevitability of stronger and more frequent storms. Mentioned.
Premier talked about sustainably growing Cayman’s existing pillars of the economy and developing new pillars in the field of technology. Cayman is poised to build a technology-friendly corporate environment, and the government is working on the necessary regulatory framework, he said.
“We are trying to build virtual assets around existing finance,” he added, giving a bright message against the backdrop of serious concerns.
His speech was given by the World Bank World Economic Outlook Report, Warned of a return to stagflation, significantly reducing the previous growth forecast of 4.1% by 2.9%. According to the World Bank, the damage caused by the pandemic and Russia’s invasion of Ukraine and its impact on supply chains, inflation and financial conditions could slow the global economy, leading to long-term low growth and rising inflation.
“One of the key risks to the outlook is the potential for global high inflation with low growth, reminiscent of stagflation in the 1970s,” the author writes.
“For many countries, a recession will be inevitable,” said World Bank Governor David Malpass.
Watch this CEO conference video (Premier Pantone address starts at 1:09:50)