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Bernews: Great Debate


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Bernews: Great Debate

  1. 1. The Great Debate<br />The Bermuda Economy & You<br />
  2. 2. In 2010 foreign revenue generated by International Business (IB) and supporting areas was $ 2,2 billion out of a foreign revenue total of $2.5 billion, so 85 cents of each dollar of foreign earnings come from IB. What do I mean by foreign earnings? <br />Where do our money and our jobs come from? <br />
  3. 3. FOREIGN CURRENCY EARNINGS (National Economic Reports of Bermuda 2007, 2008, 2009, 2010)<br />
  4. 4. Differences in Employment Levels(Department of Statistics -Employment Brief Aug 2011)<br />In 2011 12,000 of the 40,000 jobs were in International Business and supporting areas.<br />
  5. 5. No matter where you work, 85 cents of each dollar you earn comes from International Business (IB). IB and the services and infrastructure that support it provide the majority of external revenue and supports the majority of jobs in Bermuda. <br />Summary Statement: International business provides our economy with the majority of our foreign revenue, and because of IB services and infrastructure it supports the majority of jobs on the Island.<br />Where do our money and our jobs come from? Continued.<br />
  6. 6. The Bermuda working population does not look the same as it did 20 years ago. <br />Bermuda has more jobs than there are people to fill them. Today we have 38,000 jobs, but only 27,000 Bermudians available to fill those jobs. We need guest workers to sustain our economy.<br />Since the early 1990’s we have seen a shift of jobs to International Business (IB) and supporting services, banks, legal, financial services etc, have grown from 7000 to 12,000 jobs to meet the demand of IB.<br />
  7. 7. The Bermudian working population does not look the same as it did 20 years ago. Continued…<br />
  8. 8. The Bermudian working population does not look the same as it did 20 years ago. Continued…<br />Hotel closures have contributed to the Bermuda Industrial Union decline in membership. In the late 1980’s and up to the early 1990’s, our membership in the hotel division of the BIU was 3,500, today we only have 1500 members in that division.<br />The BIU membership is part of the larger Bermuda community and just as other sectors benefit from the contribution of IB, so do BIU members benefit.<br />The current recession has highlighted the need for education, training and retraining in order to equip Bermudians to perform in a more competitive and global environment. <br />
  9. 9. Hotels, yesterday and today <br />Bermuda was more successful as a tourist destination before Tourism became global<br /> <br />Everyone can travel anywhere, we must now compete with the world<br />We need to up our product, new plant and service<br />
  10. 10. Hotels, yesterday and today. Continued…<br />The financial model for a hotel in Bermuda does not work, we need to change this, e.g., concessions, year round events, convention centre, casino, etc<br />Tourism is a vital leg of our economy, supporting airlift, providing rooms and jobs<br />
  11. 11. Bermuda economy is global, our economy requires 40,000 jobs to maintain our lifestyle.<br />We need guest workers to fill 12,000 of those jobs, there are not enough Bermudians to fill the jobs necessary for a healthy economy. <br />We want the best, they come from everywhere in the world, we need to hold on to talent, to offer a career in Bermuda.<br />Limiting the length of time guest workers can remain makes Bermuda a less attractive place to work.<br />What is the state of our economy and what can we do to improve it? <br />
  12. 12. ABIC members identify a business friendly environment, the cost of doing business and immigration reform as critical to maintaining and growing the International Business sector in Bermuda. <br />Summary Statement:This process of Immigration reform must continue to retain and attract International companies. Be welcoming, streamline the immigration process, and implementing 10 year WP’s and residency for job creators……<br />What is the state of our economy and what can we do to improve it? Continued…<br />