“There is no standing still. You are either moving forward or backward”.
Continuous progress is in the DNA of Caymanian Times and as we continue on our journey to be a top regional media outlet, our website appearance will be upgraded. Readers will notice our new and attractive layout and our additional features which is similar to international standards. This allows us to provide a one stop website for news, classifieds, financial tools and polls in the next few weeks.
The Government will have some reassuring to do as many residents will not understand why the cost of living and the economic performance are rising in tandem, while most personal incomes remain unchanged.
One would expect that if the economic conditions are favourable then wages would increase, thereby allowing the consumers to afford the rise in cost of living that accompanies success.
However, the cost of living or inflation is one of the unfortunate consequences of economic growth.
Economic growth means an increase in real GDP. This is usually considered beneficial, but there are also potential costs of economic growth such as:
The costs of economic growth will depend on the type of growth that we see.
We will discuss more in our new series ‘Surviving with the high cost of living’ coming soon.