Cayman Islands: Overseas Territory Profile (as of May 2022)

SOCIOECONOMIC ENVIRONMENT

The Cayman Islands enjoy a relatively high standard of living, with one of the highest GDP per capita in the region and low poverty levels. However, these indicators also hide economic deprivation and inequality in the multi-island territory where the Gini coefficient of 0.4 is higher than in many other Caribbean countries. A national assessment of living conditions found that of all poor individuals in the Cayman Islands, 55.5 per cent are non-Caymanian, shedding lights on the vulnerability of migrants in the country.

The Government of the Cayman Islands implemented strict measures to reduce the spread of the novel coronavirus, including border closures that brought the tourism industry to a halt while movement restrictions caused further economic disruptions. For the period 2019-2020, GDP per capita declined 6.903 per cent while a constant increase in the unemployment rate reached a record high from 2.8 per cent in 2018 to 5.2 per cent in 2020. An ambitious vaccination plan implemented by the Government has allowed for the successful inoculation of more than 91.2 per cent of the country´s population with two doses, as of May 2022.

KEY ISSUES

CLIMATE CHANGE

The Cayman Islands, comprised by three islands, Grand Cayman, Cayman Brac and Little Cayman, are located in the north-western Caribbean, within the Caribbean Hurricane Belt. While the frequency of hurricanes impacting the islands has reduced in recent years, their intensity has increased. The most common physical vulnerabilities related to climate change are sea level rise and extreme weather events, e.g., hurricanes and storm surges.

MIGRANT POPULATIONS

There is a large presence of foreign migrants in the territory, many of whom have migrated to escape poverty and find sustainable employment, mostly from Jamaica, the Philippines and Honduras. Migrant workers find themselves in lower-paying jobs and experience higher levels of poverty than native-born Caymanians, suggesting higher levels of vulnerability to disasters.