GROWTH AMIDST SLOW GLOBAL RECOVERY
In view of heightened socio-economic and political uncertainties
in 2016, global economic activity during the year experienced a
decline in the overall growth rate, from 3.4% in 2015 to 3.1%. As
reported by the International Monetary Fund, most major economies
recorded a deceleration in growth, except Canada.
The advanced economies grew by 1.7%, compared to 2.1% in 2015.
The US posted a lackluster growth of 1.6% relative to the 2.6%
achieved in 2015, as weakness in non-residential investment weighed
on growth. The Caribbean region had an estimated economic growth of
3.4% in 2016, a deceleration compared to the 4.0% of the previous
year.
Against this global backdrop, the Cayman Islands marked another
year of economic resilience in 2016. Gross Domestic Product (GDP)
is estimated to have improved by 2.7% during the year, albeit it
represents a slight moderation from the 2.8% growth in 2015.
