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Royal Gazette Acknowledges PLP's Economic Accomplishments

Even the Royal Gazette admitted that the PLP government has effectively managed Bermuda's economy, saying that the economy has "boomed" under the PLP. The Royal Gazette:

Bermuda has boomed throughout the ten years of the PLP with international business spurring that growth.

The scale of the advances can be seen everywhere from the office blocks springing up across Hamilton to the rising rents being gathered by Bermudian landlords as employment levels swell.

The statistics bear out the story on the street.

Gross Domestic Product (GDP) figures – which are the total market value of all final goods and services in a country in any given year – show Bermuda forging ahead.

Inflation-adjusted GDP figures in 2006 showed Bermuda at 5.4 percent, Canada at 2.7 percent, the UK at 2.8 percent and the US at 3.3 percent.

According to the Bermuda Government statistics department's most recent figures GDP per head stands at $83,935 in Bermuda compared to $39,004 in Canada, $39,207 in the States and $43,562 in the UK.

Meanwhile inflation has stayed competitive.

Former Premier Alex Scott said: "The hue and cry before the PLP won was that the international companies would pack up and leave.

"Quite the reverse happened. Bermuda grew stronger in the financial sector, so therefore the economic expectation or threat went away.

"So much so that at the last two general elections the economy has not really been an issue. The PLP demonstrated they not only could manage the economy but manage it well."

We're now facing an international economic crisis that the likes of which the world hasn't seen since the Great Depression. While our economy is undoubtedly taking a hit, the PLP government is taking steps to both ensure that Bermuda's economy weathers the international economic storm and to provide greater economic opportunity for Bermudians. And, given our solid record - rest assured knowing that Bermuda's economy is in good hands.

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