Column: PLP’s Robinson On Economy & More

May 6, 2024 | 2 Comments

[Opinion column written by PLP Senator Leslie Robinson]

Good day Bermuda.

Like you, we recognize that the devastating economic impact of a once in a century pandemic, wars, worsening climate conditions, high interest rate environment and supply chain issues didn’t start overnight and won’t be completely solved overnight.

Where we could and when we could we’ve done what we could to help hold off the worst impacts of these global conditions. Whether reducing taxes for lowest paid Bermudians, freezing fuel prices at the pump, introducing a minimum wage or eliminating duty on staple grocery items, we’ve sought to use the power of government on behalf of Bermudians.

Yet, holding back the tide of the global impact on Bermuda and recovering from these conditions isn’t enough. We have to rebuild our economy stronger, better and fairer. That’s why we have been working steadily on executing our National Economic Development Strategy.

As a result of that work, we have some good news on our economy that I’d like to share with you.

Unemployment numbers have reached 2.5% the lowest level in Bermuda since 1980.

More Bermudians working means more people better positioned to provide for their families, make ends meet and spend within our economy.

Wages went up by 7.1% with increase in take home pay rises seen across:

  • Construction
  • Hotels & Restaurants
  • Wholesale & Retail
  • International Business
  • Banking Insurance & Real Estate
  • Transport and Communication

More Bermudians with more money in their pockets, across such a diverse set of industries means more of our people are better able to survive and thrive in an environment where global conditions and greed are driving up costs for essentials.

Tourism arrivals and spending are up with nearly 10,000 more air visitors during the third quarter of 2023, with increased spending up to $111.5 million from $75.3 million.

There were 314 new businesses registered in Bermuda during the third quarter of 2023. This means more funds coming into the government coffers to pay off the debt, while also funding social programmes. Most importantly, it means more job opportunities for Bermudians!

As a country, our economy grew by 8.3% in the 3rd quarter of 2023, the fastest pace of growth in the last two years and the 4th consecutive quarter of economic growth. Gross Domestic Product [GDP] in current prices increased by 8.9 percent during the third quarter marking three quarters of strong economic performance in 2023 for the Bermudian economy.

Simply put, more Bermudians are being hired, getting better wages and spending more in our economy.

Bermuda, we still have a lot of work to do together to ensure that every Bermudian feels the benefit of our growing economy. The real, tangible evidence of our economic progress matters little if it hasn’t touched the lives of every single hard-working Bermudian. That is why on the government end we are going to keep pushing for things that help lift everyone like; better worker and social protections and building additional affordable housing.

- Senator Leslie Robinson

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Category: All, News, Politics

Comments (2)

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  1. Wrathchild says:

    A hahahahahahahaha! How stupid does the PLP think the Bermudian public are?! FACT: The PLP are responsible for the ECONOMIC APOCALYPSE we are in now!!! Had they not wasted BILLIONS of OUR MONEY, much of which is UNACCOUNTED FOR, and NOTHING TO SHOW for it, we would be in such a better economic position now. So convenient for them to blame Covid, wars, etc. The PLP has created conditions in which Bermudians, many their own supporters, to leave, never to rerun because they can’t afford the rents, assuming that can even find housing, they can’t afford groceries or BELCO or healthcare and insurance. This piece is ALL LIES!!

  2. Joe Bloggs says:

    “Yet, holding back the tide of the global impact on Bermuda and recovering from these conditions isn’t enough. We have to rebuild our economy stronger, better and fairer.”

    All our problems are from global influences? Nothing to do with roughly $4 billion in current account debt and the same again in unfunded pension liability?

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