Chamber of Commerce Second Annual Economic Update
A year ago, the Chamber presented a look at the numbers behind our 2010 economy -- and what they meant. At that time, the biggest question was whether there would be a quick turnaround in the economy, or whether we should prepare for more years of sluggish demand for most local goods and services.
The Chamber’s conclusion was that there would be no quick fix for the Bermuda economy.
A year later, our Economics Division has taken a fresh look at the numbers and the economy. Regrettably, Bermuda continues to remain mired in a recession, and it is the opinion of the Economics Division that the solution for change lies in a move away from traditional economic policies, which were initially created to intentionally slow growth.
It is the Division’s contention that in order to turn the economy around, and stop the further erosion of our standard of living, Bermuda with its ageing population which will need more and increasingly expensive services such as pensions and health care, will need to attract more foreign workers to create jobs and bolster its tax base.
The Chamber is looking to its members for feedback on how we might improve the business environment. We are therefore encouraging you to share your ideas with the Executive Vice President, by emailing her at jmacphee@bcc.cm. Your contribution will be shared with the Economics Division and other relevant divisional chairs, so that collectively we can make our voice heard within Government.
Bermuda Chamber's 2nd Annual Economic Outlook
Bermuda's Economic Outlook Dec. 2011
Economic Series that took place in the last quarter of 2010.
Bermuda's Economy and Economic Outlook Part 1
US Chamber of Commerce President, Thomas J. Donohue
Bermuda Economy and Economic Outlook Part 3