Bermuda Budget 2011-12
Bermuda Economy - Present Condition:
At present, Bermuda economy is in a good condition as is evident from the rankings it has been receiving from various credit agencies. Fitch Ratings has recently given it an AA+ credit ranking, which is just under AAA, the top grade. One of the major challenges for Bermuda’s economy, though, will be able to expand its capacity to use up its labor force.
Bermuda Budget 2011-12: Expectations
- The insurance and reinsurance industries of Bermuda are expected to perform well in 2011-12. Fitch states that these set-ups are capable of getting used to the ever changing capacity requirements and are supposed to be in an ideal position to benefit by any positive change in the underwriting cycles.
- According to the national government, Bermuda will require a proper plan that is backed up by a proper strategy of implementation for achieving its economic goals.
- The 2011-12 budget is expected to result in quicker and more inclusive economic growth.
- It has been widely speculated that the Bermuda government will cut many jobs in the present fiscal.
But as per the 2011-12 budget speech no public sector employee will lose his or her job in the said period.
- The government assumes that the international business sector will perform well in this fiscal.
Africa, Latin America and Asia are expected to see greater infrastructural investment in roads, housing, water, factories and power and this can increase the demand for risk transfer programs. It is expected that this will benefit the insurance and reinsurance sectors of Bermuda.
Bermuda Budget 2011-12: Employment
With the 2011-12 budget, the Bermuda administration is putting a lot of emphasis on increasing its employment opportunities. For this purpose, it is also aiming to offer incentives for “job makers” who have been providing jobs on a regular basis aside from creating entry level openings for the young professionals in the Caribbean country.
Bermuda Budget 2011-12: Tourism
Tourism and hospitality are important parts of the national economy as they provide a significant share of the available jobs and the government is taking some critical steps like setting up the Ministry of Business Development and Tourism recently, to aid these sectors. This department will deal with achieving the perfect balance between global business processes and tourism.
The government has also created the Board of Tourism and is presently trying to provide jobs in the hospitality sector to young people across the country – job fairs are being organized for this purpose. It is also collaborating with developers for Morgan’s Point and Park Hyatt projects.
Bermuda Budget 2011-12: Major Challenges
With the 2011-12 budget the national government is aiming to show that it cares for the actual requirements of the citizens and also encourages them to hope for a better future. It is also facing the challenge to be operationally effective and reduce its costs at the same time. Optimum utilization of resources is a major area of concern as well.