Mr Burns Conolly, AIA,
Chamber President .
The Cayman Islands Government is now in possession of a numberof proposals from the country's business leaders aimed at kick-startingthe economy.
Titled 'The State of the Economy Report' the Chamber of Commercehas said that these proposals, contained in an 18-page report,carry the initial objective of stimulating the economy over athree months then a six to 12 months period followed up by a oneto three years outlook, and they are submitted at a time whenthe business community is registering more faltering performances.
"We have to take some action to motivate investors and consumersto spend money in the economy. Businesses in the hospitality,construction and merchants sectors are looking for sensible measuresto encourage investment and increase spending in the short term.The proposals by the Chamber do that," said Chamber PresidentMr Burns Conolly, AIA.
Results of a survey of businesses conducted by the Chamber inlate September revealed that 39 of the 58 companies will not meettheir 2001
projections and 20 companies have reduced staff, 46 companieshave reduced spending and 14 companies have reduced hours forstaff.
Several of the companies are implementing cost cutting measuresincluding hiring freezes, early retirement for employees over65 years of age, outsourcing of staff and services and temporaryclosings. It should be noted that situations are changing on aweekly basis as the impact of the terrorist attacks takes itstoll on the North American economy. The report was presented toGovernment in early October following the 1st Annual Chamber ofCommerce Economic Forum at the Grand Pavilion Conference Centrein late September. Additionally, last Friday, 19 October, ChamberPresident Mr. W. Burns Conolly, AIA and CEO Mr. Wil Pineau presenteda list of actions taken by the private sector to date to stimulatethe economy during a meeting with the Leader of Government Businessthe Hon. D. Kurt Tibbetts.
The Chamber said that more than 60 persons attended the firstannual Chamber of Commerce Economic Forum in late September includingmembers of the Government' Finance and Statistics departments.These individuals contributed to an open discussion and proposedseveral measures to help stimulate the economy over the short(three months), medium (6-12 months) and long term (one to threeyears). Many of the suggestions require further detailed discussionand analysis as well Government economic review. Chamber membersare asked to provide comments on each of the proposals and tosubmit any additional proposals for consideration.