COVID-19 ECONOMIC REPORT An economic impact assessment of the COVID-19 pandemic on the Cayman Islands.
T HE R E A R E 3 PRO JECTED ‘ SH E L T E R I N PLACE’ SCEN ARIOS
2
3
4
MONTHS
MONTHS
MONTHS
March - May
March - June
March - July
ESTIMATED 2020 GDP IMPACT
2 3 4
15 MONTH 19 %decline MONTH 22 %decline
IMPACT ON EMPLOYMENT IN 2020
% decline
MONTH
LOCKDOWN
1,416
LOCKDOWN
job losses
LOCKDOWN
5,088
job losses
5,624
ESTIMATED SALARIES LOST
2
MONTH CI$ LOCKDOWN
3
MONTH
CI$
4
MONTH
CI$
LOCKDOWN
LOCKDOWN
373 million 444 million 512 million
HAVE ALREADY OCCURRED
FROM MARCH 13TH TO APRIL 17TH
BY NON-CAYMANIANS
IN THE BEST CASE SCENARIO
BY CAYMANIANS
job losses
IN THE BEST CASE SCENARIO
10,712
ESTIMATED FOR A
job losses
12,450
2 MONTH LOCKDOWN
ESTIMATED FOR A
job losses
3 MONTH LOCKDOWN
14,048
ESTIMATED FOR A
COMMUNITY SUPPORT
job losses
CAYMAN FOOD BANK: meals support doubled
4 MONTH LOCKDOWN
MEALS ON WHEELS: meals support increased by 16% NAU: increased assistance by 165% now supporting 975 families or 3,828 people RESILIENCE CAYMAN: assistance requested by over 4,000 people within 3 days of launching
LOCAL BUSINESS RESPONSE RISK TO WORK PERMIT HOLDERS 0
84 BUSINESSES HAVE 0 WORKERS AT RISK
1-3
84
87 BUSINESSES HAVE 1-3 WORKERS AT RISK
31
4-6
13
7-12
13-24
5
25-50
2
51-100
1
100+
3
87
BUSINESSES HAVE 4-6 WORKERS AT RISK
BUSINESSES HAVE 7-12 WORKERS AT RISK
142
LOCAL BU S INE S S E S INDICATE THAT AT LEAST 1 WORK PERMIT HOLDER’S JOB IS AT RISK
BUSINESSES HAVE 13-24 WORKERS AT RISK
BUSINESSES HAVE 25-50 WORKERS AT RISK
3
BUSINESS HAS 51-100 WORKERS AT RISK
BUSINESSES HAVE OVER 100 WORKERS AT RISK
LAR G E COMPANIE S INDICATE THAT MORE THAN 100 WORKER’S JOBS ARE AT RISK
RISK TO CAYMANIAN EMPLOYEES
INDICATE THAT MORE THAN 100 CAYMANIAN’S JOBS ARE AT RISK
BUSINESSES
0
32
LOCAL BUSI N E SS ES
3
3
26
P L A NS F OR L O CAL BUSIN ESSES
20 businesses
ARE LIKELY TO CLOSE
130 businesses
HAVE MADE ADJUSTMENTS TO
WITHIN THE NEXT 4 WEEKS
DOWNSIZE AND SURVIVE
100+
51-100
5
78
LOCALS AT RISK
25-50
132
13-24
4-6
7-12
INDICATE THAT AT LEAST 1 CAYMANIAN’S JOB IS AT RISK
1-3
0
145
LOCA L BUS I N ES SE S
BUSINESSES WITH LOCALS AT RISK OF JOB LOSS
85 businesses
HAVE MADE
52 businesses
ARE UNCERTAIN
NO CHANGES
WHAT THEIR PLANS ARE
TO RE AD T H E F U L L R E P O RT V I S I T C H A M BERC O VI DUP DA TES .K Y
0