Bermuda Business Confidence Summary Report
“Business confidence has dropped notably,” according to the 2019 Bermuda Business Confidence Index Report, and when asked “what changes would positively impact the Island’s business climate, improvements to the work permit process, as well as more growth and increased foreign investment are most often cited.”
The report said, “A shift in perceptions of the Island’s economy over the past couple of years can be seen throughout results. Continuing the same trend as observed in 2018, business confidence has dropped notably and now sits at the lowest level.
“This decline stems from waning perceptions across nine index factors, most notably in regards to the stability and future direction of Bermuda’s economy.
Chart #1 extracted from the report
“More specifically, the majority of business leaders now consider the current economic direction to be negative, and this perception is especially elevated among those operating internationally – likely in relation to the addition of Bermuda to the European Union’s tax haven blacklist.
“No doubt, the latter has had an impact, but the Island’s current economic woes began nearly two years ago. This year, immigration is in the spotlight as a key opportunity for change.
“At the same time, taxation is considered among the top issues facing the Island by a notable minority, as is the cost of doing business. In order to turn things around, business leaders are calling on government for immigration reform, increased foreign investment, and better tax policies.
Chart #2 extracted from the report
“As mentioned, anxiety about the economy is now heightened among business leaders, and a trickle down effect of the private sector’s economic concerns is evident among residents. Indeed, consumer confidence has also declined notably and now sits at the lowest level for the past five years. This is perhaps not unfounded, as fewer businesses intend to offer their employees a raise in the coming year, and some plan to downsize in response to the Island’s economic conditions.
“At the same time, a sizeable number of businesses anticipate having to make cuts to their expenditures and imports of goods for resale in Bermuda, though importers do not expect much impact on the value of goods, at least for the time being. Interestingly, the long-term outlook is perceived more positively than the nearterm, with four in ten feeling more optimistic about the coming year than the next six months.”
The full Bermuda Business Confidence Index 2019 Summary Report follows below [PDF here]:
Where is Minister Furbert to spin this into a positive? Just look at the graph since 25-11 occurred.
Not surprising
We have no vision for where we want to go
Plp is all over the place backtracking but mostly veering to anti foreigner
We continue to divide our people when in fact we are one interracial island dependent on expats for a living yet we beat them up too
They are the key to the return of the Bermuda dream of the 1990s yet many actually believe they cause more harm than good
Until that mentality is ended we will continue to struggle
continue to hire cheap labor over local
continue to be unable to buy Or rent a good home
Continue to leave for Uk and cda
Bermuda can Only survive on more expats, we need to do whatever it takes
To get more here even if it means allowing hotel developers to bring in foreign labor and intl companies too
It will all trickle down in end to benefit Bermudians
If we do nothing the plp will lose next election and more Bermudians will head to Uk and Canada, and those left will struggle
Stores will close and supermarket shelves will get emptier n emptier
We have nothing but intl business and tourism and we can’t even get tourism right … it’s falling now too
The Bermuda voter threw out the OBA because they couldn’t fix buses, couldn’t deal fast enough with mould and because the PLP/BIU (where is the great People’s Campaign when the going gets tough…for their beloved PLP) played politics and convinced the people that all was wrong in the world. The fact is that you need jobs; you need people on the ground spending money; you need those rental units filled; you need people leading the country who are capable, knowledgeable and not just interested in staying in power because THEY need to keep the only job they can ever get….politician. This report is a damning study in where we are headed unless the average man gets his head out of the sand ….and stops voting based on race and religion and union scare tactics.
Alternative headline – business confidence plummets under PLP
This is a massive drop! The survey was among bermudian businesses – not just IB. This is bermudian employers talking
Dats one oweglee lookn line graph :\
Hahahahaha plp, people’s campagin, biu and the rest. Let’s see you spin this one.
While many of you remain negative some of us only see an upside as we have invested in the way down and have had some solid results. Homes are now more affordable versus a year ago and customers want automation so we have implemented it to keep our profits alive!
What?
“Homes are now more affordable versus a year ago”
Yes, the value of property has dropped. That means that some people owe $750,000 on a home that is now only worth $600,000. That is not good economics, that is a recipe for bankruptcy. Is that what you really want for Bermuda?
“A shift in perceptions of the Island’s economy over the past couple of years can be seen throughout results. Continuing the same trend as observed in 2018, business confidence has dropped notably and now sits at the lowest level.”
Yes, but that is the Government we elected. The majority of Bermudians knew what they were doing when they voted to commit economic suicide
Well now we have a pretty picture of a line going down dramatically I hope it makes it easier for the sheep to understand…..probably not 25-11.
That is seriously scary reading. Thanks plp, great job
Well it was because we were on the black list at the time… WELL WHOS ARROGANCE GOT US ON THE BLACK LIST.
DOOMED
Notably the business confidence since a certain government took office
Let’s see them spin this one.
Is it any coincidence that the bottom drops out in 2017 ?
Our competitors are killing us in the market. Bermuda is better than what we are experiencing at the present.
Please let this be a wake up call to put the politics aside and work on creating solutions that will better our country and its future for everyone.
If the current administration don’t have the answers, that’s ok–we can all work together to address our challenges.