Today, the Minister of Labour and Economy, the Hon. Jason Hayward JP, MP, shared his thoughts on the recent Bermuda Chamber of Commerce Business Barometer Report.

Minister Hayward explained, "Reading the report, I was encouraged that 64 per cent of businesses are confident in their business' economic future and over half indicated their financial position had improved over the past year, with only 11 per cent reporting they are worse off."

"Also, with businesses expecting to increase staffing levels in the next year, the government will continue working with all stakeholders to ensure Bermudians receive the necessary training to fill as many roles as possible."

"While this was good news, the Government recognizes that many businesses operating in Bermuda reported ongoing challenges around staffing and increased operational costs impacting their bottom line. While the global economy continues to recover, COVID-19 and the war in Ukraine remain with us, causing supply chain issues that drive up inflation and the cost of doing business."

"To address this, the Government continues to offer relief through payroll taxes, customs duty, and loans to help businesses overcome these financial challenges.

"Another concern is the reduced customer base, which correlates to decreased revenues. The Ministry continues to implement policies that will encourage the growth of Bermuda's population. Coupled with efforts around strengthening Bermuda's tourism product, I am confident the customer base and profitability will soon return.

"To that end, the Government predicts annual growth between 2.5 and 4.5 per cent for 2022, which we expect to bring Bermuda close to 2019 economic levels."

"As we advance, the Ministry of Economy and Labour will continue working to implement effective policy solutions that address the challenges raised in this report. I am confident we are on the path to building a better Bermuda for all."