If you ever had a doubt regarding the importance of international business to Bermuda, look at the following chart which shows economic activity in Bermuda for the last 5 years. (It is excerpted from the National Economic Report).
The only areas that show significant growth are directly related to the international business sector … accounting for half the economy … and to a lesser extent the fatcat public sector. All others are flat.
The chart also shows that the economy was already slipping back in 2008. You may recall that, during this period, warnings from the sector and the UBP’s Bob Richards were derisively swept away by Government as fear mongering. Ooops, guess we know who is more trustworthy now don’t we?
This chart underlines the importance for our Government to work more cooperatively with that vital part of our economy, instead of constantly shaking the tree.
Paula Cox says don’t worry about our $1,000,000,000 public debt because it’s only 10-15% of our GDP. Yeah, well, imagine what will happen to that percent if the international business shrinks? We’d make Greece look good by comparison.
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