A course in macroeconomics

(CNS): The Economics and Statistics Office (ESO) joined forces with the Caribbean Regional Technical Assistance Centre (CARTAC) to host a regional macroeconomics statistics course in Grand Cayman on Monday, 13 October. Understanding macroeconomic factors can help Cayman’s key government staff plan for its budget and prepare economic recommendations, a government release says.

(CNS): The Economics and Statistics Office (ESO) joined forces with the Caribbean Regional Technical Assistance Centre (CARTAC) to host a regional macroeconomics statistics course in Grand Cayman on Monday, 13 October. Understanding macroeconomic factors can help Cayman’s key government staff plan for its budget and prepare economic recommendations, a government release says.

“ESO will be introducing System of National Accounts and Balance of Payment statistics early next year. As such we are very glad for this opportunity to train a core group of users to understand these macroeconomic indicators,” said ESO Director Maria Zingapan. “For the first time the Cayman Islands will have its own macroeconomic statistics such as the sector contribution to gross domestic product (GDP). A good understanding among key users will enhance their practical use for economic planning such as revenue projections and budget analysis.”

Cayman is well represented at the course with delegates from theESO, Treasury, the Revenue Unit, the Portfolio of Finance and Economics, the Budget Management Unit, and the Cayman Islands Monetary Authority (CIMA). Other participating countries include St Kitts and Nevis, Antigua and Barbuda and Dominica.

CARTAC Programme Director Therese Turner-Jones welcomed the opportunity to provide this kind of training to the region. “Macroeconomic indicators underpin everything we do – signalling whether we should prepare for an economic slow down or are about to enter a growth period. For governments to be successful, it is very important that they know what to plan for in the way of infrastructure and investment policies,” she said.

She further explained, “This course is designed to show economists and statisticians what data they should collect to have good snapshots of their countries’ economies, and then how to put the pieces in order to draft sound fiscal and other policies.”

Photo: ESO Director Maria Zingapan (left) with CARTAC Programme Director Therese Turner-Jose and ESO’s Theodore Thompson (front).