The Economy of Bermuda in the Year of our Lord 2017.
The Bermuda Government Budget for the 2016 / 2017 fiscal year was not a balanced budget, but it was prudent and conservative. Only time and a gradual improvement in foreign investment will provide fiscal strength indicators signaling an improvement in our economy. Meanwhile, Government finances will continue to be challenged, albeit conservative austerity measures are still in place.
Bermuda Islanders brought a new government into power more than four years ago, who faced challenging budget deficits, a decreasing GDP, a high debt ceiling and a six-year economic recession impacting Bermuda businesses, and residents alike. We wished for leaders with fortitude and a brighter vision for the future.
However, financial bright lights are evident on the horizon. An increase in the number of international business company incorporations and captive formations in 2014, 2015, and 2016 has brought optimism. High tourist season 2017 is projected to start positively with the annual influx of visitors to Bermuda's shores, welcomed by local populace with their foreign currency infusions highly anticipated. Domestic retail sales have increased for more than ten months. Gross Domestic Product has increased for the first time in over six years.
Bermuda welcomed America's Cup Challenge for the year 2017. Sailing crews, equipment, yachts, and organizers have arrived for training in anticipation of this famous event.
Financial Survival. Individuals and their families are still keeping budgets close to the line, economizing further for additional savings, particularly, if family members are unemployed.
READ the Financial Survival Section for help on coping with the recessionary downturn along with Is Your Job On the Line: Coping with Redundancy. The common sense information has been culled from the author's and readers' personal experiences. We know; we've been through recessions before.
LINKS TO Professional Pages >>>>>>
We take great pride in linking to websites and passionate individuals who have earned our respect for substantive content in providing unbiased current wealth of information content for, and about Bermuda and who have supported the Bermuda Pondstraddler Life™vwebsite.
The Royal Gazette, Hamilton, Bermuda
ABIR - The Association of Bermuda Insurers and Reinsurers
Supporting Consumers in Times of Catastrophe
Bermuda Online www.bermuda-online.org was the first, and is still, the preeminent website (launched more than twenty years ago) by Keith Forbes to actively promote the beauty, history, governance, tourism, environment, international industry and many more topics about our island of Bermuda, the premier international finance centre.
BERMUDA BUSINESS DEVELOPMENT AGENCY. Link to BBDA
Onion Law Blog Legal blog by Bermuda lawyer, Peter Sanderson