A prediction from a global credit rating agency that Guernsey’s economy will rebound strongly after Covid is testament to the strength and stability of the island’s financial sector and beyond, said Rupert Pleasant, chief executive of WE ARE GUERNSEY.
Standard & Poor’s said the island’s vaccination rollout and “strong suppression of the virus” led them to an expected 3.8% growth in the economy in 2021. It also confirmed the credit scores AA- / A-1 + from Guernsey with a stable outlook.
Guernsey’s “strong and flexible institutions, a prosperous economy and considerable fiscal buffers” were also highlighted by S&P.
Rupert said the analysis was very encouraging.
“We welcome this news as a justification for the stability, strength and security of Guernsey, both in general and within the financial sector,” he said. “We have already been praised for ‘never missing a beat’ when it comes to continuing to provide high quality financial services to clients during the foreclosure and look forward to continued growth.
“The financial services industry is well prepared for incidents of disruption, with real substance and business continuity being a regulatory requirement, and also thanks to the experience of the many global companies operating in Guernsey.
“Financial services are the most important sector of the island’s economy and will be the engine of economic growth and recovery over the coming months and years.”
For more information on Guernsey’s financial sector, please visit www.weareguernsey.com.
The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.