April 20th, 2000hrs, Special Address on the Economy

I thought I might as well advertise this, as I’m not sure how many people would be aware of it otherwise – as far as I can tell its only been advertised on the PLP site so far. So, cutting and pasting from http://www.plp.bm:

Tonight, Monday, April 20th, at 8 pm, tune in to VSB Ch. 11 to hear a very important message from Premier Ewart Brown and Minister David Burch. Brown and Burch will deliver an address on the economy. Tune in.

I’ld be very interested to hear what they have to say, especially in light of the recent bad news, re job losses and retail sales plunging. Does anyone know if its possible to get this on YouTube? If not, anyone feel like giving a summary here?

I am left wondering why this is being broadcast on VSB and not CITV though, but thats a minor issue I guess.

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3 thoughts on “April 20th, 2000hrs, Special Address on the Economy

  1. Until I hear otherwise, I’m going to assume that this ‘Special Address’ would have addressed the report made by the ‘Economist Intelligence Unit’ as reported in the RG at http://www.royalgazette.com/siftology.royalgazette/Article/article.jsp?articleId=7d94a3730030004&sectionId=65

    I’ve copied and pasted the article below though:

    Bda’s economic growth to be hit hard, say analysts – By Alex Wright

    A sharp synchronised global recession, and in particular a deep contraction in the US economy, Bermuda’s main source of direct foreign investment and by far its largest market for tourism, will strongly dampen real GDP growth in 2009.

    That is the stark prediction of the Economist Intelligence Unit (EIU), which reckons that the Island’s economy will suffer an economic contraction, before a mild recovery begins in 2010.

    The report by the EIU, which was published on Friday, revealed that the outlook for the global economy had deteriorated considerably in recent months, following the escalation of the worldwide financial crisis and worsening production and trade indicators.

    It said that the likely prolonged adjustment in global financial markets suggested a poor outlook for Bermuda’s growth prospects, given the importance of the international business and financial sectors to the economy, with the world’s economy expected to contract by 1.5 percent at market rates this year, by far the worst performance since the end of the Second World War.

    But the EIU believes that growth will resume in 2010, albeit the pace of the global expansion being very modest at around two percent, while it forecasts an even steeper contraction of 3.1 percent for US GDP growth in 2009, followed by a weak recovery to 0.7 percent next year.

    “The depth of the US slowdown and the expectation of only a slow rebound in 2010 will act as a strong drag on Bermuda’s growth prospects,” it read.

    “We expect Bermuda’s “We expect Bermuda’s growth to turn negative in 2009, down from an estimated 1.9 percent expansion in 2008. However, risks are to the downside and if tourism flows continue to decline and the international business sector suffers a more prolonged period of weak earnings then a deep economic contraction could ensue.

    “The dominance and strength of the financial services sector, particularly insurance, make Bermuda’s external accounts highly vulnerable to the deepening global recession. We expect Bermuda’s economic mainstays will remain depressed and only begin a very mild recovery after 2010, on the assumption of a recovering US economy in the second half of 2010.

    “Meanwhile, the previously robust construction sector will decline markedly, once existing pipeline projects are completed, despite public infrastructure spending plans, given that private-sector projects will suffer from delays and financing shortfalls.

    “Currency parity with the US dollar will underpin import volumes as the US dollar maintains its recovery against other global currencies.

    “Weaker oil prices-which we now expect to average $40 per barrel in 2009 and $50/b in 2010-will help to sustain oil import volumes, and will ease pressure on the external accounts.

    “However, the beneficial impact will be offset by weaker government revenue. The easing of food and fuel prices will help to moderate inflation over 2009-10. Lower goods import values on the back of softer prices and lower transport costs will also help to offset falls in tourism revenue and a decline in income credits in 2009, allowing the overall balance of payments to remain in surplus.”

  2. Well, thats a little bit embarassing – No show on TV, but Minister delivers speech on economic strategy (http://www.royalgazette.com/siftology.royalgazette/Article/article.jsp?articleId=7d94aaf30030015&sectionId=60)

    Anyone have an idea what went wrong? I mean, with the BBC strike, surely VSB would be making extra sure not to screw up? But again, I still don’t understand why CITV wasn’t used for this. I mean, whats the point of having a publicly owned TV station if you don’t even use it for Government special addresses?

    I don’t know, doesn’t make any sense to me. Perhaps if it were an exclusively Party broadcast, then yeah, one might question the use of CITV, but aas far as I can tell this is an exclusively Government thing, as are the public meetings.

    There’s not too much detail really on what the plan is, but its better than doing nothing I suppose.

  3. There’s not too much detail really on what the plan is …

    Unfortunately the absence of specific details is just another example of a recurring pattern of an information vacuum which taxpayers are forced to deal with to our collective disgust and bewilderment.

    When will the government ever learn?

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