Late in November, the government’s chief economic advisor broke with many years of tradition and gave us the bad news straight. He informed us that Bermuda will be in recession for both this year and next. 2001 will see a reduction in gross national product of 0.4 percent, and 2002 will see a further contraction of 1.5 percent.Our tourism industry, which has been in decline for 13 years, is now on the critical list. The events of September 11 have produced lamentable occupancy rates in our hotels, just after the Big Five resort hotels in Bermuda renewed their paintwork to the tune of about $70 million.
Letter from Bermuda: As tourism falters, insurance keeps Bermuda’s economy ticking
23 years ago
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Letter from Bermuda