The Post-Ivan Revival

February 2007 | Risk Summary

The economy of the Cayman Islands continues to recover in remarkable fashion, following the devastation wrought by Hurricane Ivan in September 2004. The Cayman Islands Monetary Authority estimated that 90% of properties were damaged by the hurricane, and the Economic Commission for Latin America and the Caribbean (ECLAC) put the overall economic losses at US$3.4bn (a staggering figure considering that GDP is around US$2.0bn). Real GDP growth rebounded sharply to 6.5% in 2005 from 0.9% in 2004, as construction activity and the financial sector revved up considerably. The rise in construction activity, as proxied by the value of building permits

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