Making A Fresh Start
The Cayman Islands can look back on the year 2002 with a sense of fulfillment and pride.
While most countries in the Caribbean and some parts of the world are still feeling the effects of the global recession, our country has been able to maintain economic stability, albeit not at the bountiful levels of previous years.
What makes the Cayman Islands' experience so remarkable is the fact that its economy is dependent on tourism and financial services, two industries that can be as volatile as they are lucrative.
The very nature of these two sectors means that Government and indeed the country, have no control over how they will perform or how they will impact on the economy.
Be that as it may, there was clear evidence over the past year, certainly in the half-year budget, the strategic policy statement and the bond issue, that the government has devised an economic plan which will form the basis for a secure and diversified economic future.
What has also been quite apparent over the past year is that in spite of the economic slowdown, many seeds of prosperity have been sowed all across the country.
It is clear to see that in 2002 these Islands have witnessed positive developments in almost every sphere; infrastructurally, socially, politically and economically.
From the rise of the $350million Ritz Carlton Project to negotiations with the Foreign and Commonwealth Office for a modernised constitution, the signs are all there.
Despite the achievements of the past year, this country, its residents and investors cannot afford to rest on their laurels.
As societies, markets and economies evolve, challenges as well as opportunities will present themselves in varying degrees.
In taking a fresh start, it must never be felt or thought that the road ahead will be always smooth.
People and governments must therefore have the necessary contingency plans in place to confront these situations and changes.
If, for example, the United States decides to wage a war against Iraq in 2003, it is likely that this will change the whole complexion of the world economy and consequently that of the Cayman Islands and other Caribbean countries.
In the coming months, there is also the looming threat of the European Union's Draft Directive on the Taxation of Savings being imposed on this country, despite the strong resistance from government.
So while there is every reason to celebrate in 2003, not the least of which is the Quincentennial anniversary of the Islands' discovery, the euphoria must not obscure the vision of reality.
In accommodating and tackling the changes that confront this country, the government may from time to time have to make difficult decisions that are needed to ensure that the Cayman Islands is prepared for, and capable of, surviving in this new challenging environment.
Some of the decisions will not be easy or popular but they may be necessary.
With this in mind, as the new year ushers in with Cayman riding on a crest of a year-long celebration, it is important that there is a sense of national pride, optimism of will and determination of purpose so that the country can successfully navigate the challenges and the changes of 2003 and years to come.