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Standard & Poor’s predicted growth of Guernsey’s economy ‘testament’ to island

06 August 2021

A prediction by a global credit ratings agency that Guernsey’s economy will bounce back strongly post-Covid is testament to the strength and stability in the island’s finance sector and beyond, says WE ARE GUERNSEY Chief Executive Rupert Pleasant.

Standard & Poor’s has said the island’s vaccination rollout and ‘strong virus suppression’ has led them to a predicted 3.8% growth in the economy in 2021. It also affirmed Guernsey’s AA-/A-1+ credit ratings with a stable outlook.

Guernsey’s ‘strong and flexible institutions, wealthy economy, and considerable fiscal buffers’ were also highlighted by S&P.

Rupert said the analysis was very encouraging.

“We welcome this news as vindication of Guernsey’s stability, strength and security, both generally and within the finance sector,” he said. “We have previously been lauded for having ‘never missed a beat’ when it came to continuing to provide high quality financial services to clients during lockdown and we are looking forward to further growth.

“The financial services industry is well-prepared for incidents of disruption, with genuine substance and business continuity being a regulatory requirement, and also through the benefit of experience from the many global firms which operate in Guernsey.

“Financial services is the largest sector in the island’s economy and will be the engine room for growth and economic recovery over the next few months and years.”

For more information on S&P’s figures, see the Guernsey Press’ news story.

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