We forecast real GDP growth in the Cayman Islands. Despite the improvement, growth will remain well below pre-crisis rates of above 4.0% for the foreseeable future, given the significant changes that the global financial sector has undergone in recent years, including a major push to increase the transparency of jurisdictions such as the Cayman Islands. These changes will likely weigh on the growth of the financial sector, although we expect the industry to expand modestly as firms adapt to the new environment. More positively, the government is eagerly seeking ways to bolster investment and diversify the economy.
Cayman Gateway offers local businesses an opportunity to participate in a real way to the growth of the Cayman economy by expanding their customer base beyond our borders in a seamless and accepted way for receiving credit card payments from overseas customers online.
Our market research suggests that such verticals in the market to benefit from a local presence and support from Cayman Gateway are local vendors who sell Cayman made products typically offered to tourists and wish to re-purchase once they return home, law firms, trust companies, churches, hotels, dive operations and property management firms. Of course, we expect momentum to build quite quickly beyond those researched as selling online to overseas customers becomes part of the business culture.