In what year did significant economic change begin in the Cayman Islands?

Significant economic change in the Cayman Islands began around the 1950s, marking a transitional period in the islands' economic development. This decade was pivotal due to the introduction of a more diversified economy, with tourism emerging as a key industry alongside the established financial services sector. The government started to recognize the potential of these sectors, leading to policies and investments that laid the groundwork for the Cayman Islands' future as a renowned tourist destination and a global financial hub.

During this time, the infrastructure also began to improve, facilitating increased travel and investment. The focus on developing hotels and related services propelled economic growth, drawing in international visitors and investors. This shift not only transformed the local economy but also had long-lasting effects on the cultural and social landscape of the islands. The 1950s are thus marked as a critical juncture that initiated profound changes, setting the stage for the continued prosperity that the Cayman Islands would experience in subsequent decades.