Deloitte Synopsis Of Govt’s Economic Strategy
“Deloitte views immigration reform as a foundational success factor that will enable or disable the success of most initiatives in the Economic Development Strategy [EDS]” and “the public and private sectors should work together in the spirit of partnership to drive the initiatives and mitigate jurisdictional risks together.”
This is according to Deloitte’s “Synopsis of the Government of Bermuda’s Economic Development Strategy [EDS]” which they noted has initiatives which “span a wide range of areas including international business (IB), the local economy, infrastructure projects, and emerging opportunities in technology and the digital economy, amongst others.”
It notes, “On the question of internal threats, the EDS identifies the aging population, emigration and the anticipated shrinking of the Bermuda workforce as significant issues. Deloitte agrees that these present significant risks to the economy, and identifies the level of government debt as an additional, internal threat.”
In their conclusion, Deloitte said, “The EDS is an ambitious and far-reaching strategy framework through which public and private sector resources can be deployed to support specific initiatives. To ensure optimal economic impact from the EDS, Deloitte believes that:
- The initiatives should be prioritized to bring those with the highest potential into focus
- The Government should drive the execution of the highest priority initiatives with a sense of urgency
- The public and private sectors should work together in the spirit of partnership to drive the initiatives and mitigate jurisdictional risks together
- Immigration reform and making Bermuda more open will accelerate progress of multiple initiatives simultaneously
“Whilst the EDS is broad in its scope, Deloitte believes such breadth is important to support the creation of employment and economic opportunities for all constituents of Bermuda’s working and resident populations. Deloitte views IB, the local economy and tourism to be highly interdependent components of the overall economy which need to succeed in tandem to achieve long-term economic prosperity.”
The full Synopsis of the Government of Bermuda’s EDS follows below [PDF here]:
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“Whilst the EDS is broad in its scope, Deloitte believes such breadth is important to support the creation of employment and economic opportunities for all constituents of Bermuda’s working and resident populations.”
Agreed
“Deloitte views IB, the local economy and tourism to be highly interdependent components of the overall economy which need to succeed in tandem to achieve long-term economic prosperity.”
Also agreed.
The problem is that the PLP Government is not supporting IB and all it does for tourism is give tax breaks. The PLP Government will pay lip service to the interdependence of tourism, IB and local business, but it does not support any of them in any meaningful way. Indeed, when it comes to local business the PLP Government wants to compete, not support. Look at the Bermudian Beach and Caroline Bay development proposals.
The EIC that Hayward is so proud of is clearly not generating jobs, but merely serves to create some fees from the purchase of real estate, ie a non working population which is not creating real benefit. Just selling Bermuda to foreigners. At least it allows Bermudians to offload onto expats and get their money out.