What was a significant factor in the development of the Cayman Islands' economy?

The development of the Cayman Islands' economy has been significantly influenced by tourism. As a picturesque destination known for its stunning beaches, vibrant marine life, and welcoming culture, the islands attract millions of visitors each year. The tourism sector encompasses various businesses, including hotels, restaurants, recreational activities, and local crafts, creating employment opportunities and generating substantial revenue. This influx of tourists has stimulated economic growth, providing a steady source of income and fostering other related industries on the islands.

While natural resources, trade with neighboring islands, and shipbuilding have played roles in the development of the Cayman Islands, none have had as profound an impact on the economy as tourism. The islands have limited natural resources compared to larger Caribbean nations, and their geographic location makes tourism a more viable and lucrative option than extensive trade or shipbuilding operations.