Eugene Cox Upbeat On Bermudian Economy

by Mike Godfrey, Tax-News.com, Washington

27 November 2002

Bermudian Finance Minister, Eugene Cox was upbeat on the state of the jurisdiction's economy on Friday, according to a report from the Bermuda Royal Gazette.

Speaking in the House of Assembly, the Finance Minister predicted 'modest' growth of between 1% and 1.5% in 2003, and announced that the economic contraction which he had predicted in his last budget had not materialised.

Mr Cox went on to add that although the future of the United States economy is still not clear, and there are not yet many indications as to whether it will 'expand vigorously or stagnate' over the coming years, there are signs that Bermuda will continue to hold its head above water over the coming year.

However, Opposition Leader and Shadow Finance Minister, Dr Grant Gibbons reportedly criticised the Finance Minister for presenting the House with an incomplete picture of the state of the economy, arguing that the jurisdiction is now altogether too dependent on its international business sector as a result of poor tourism performance and the government's 'failure to attract diversified new business'.

According to Monday's Royal Gazette report, he went on to accuse Mr Cox of selectively utilising statistics to present a 'picture of an economy that is healthier than the facts suggest'.

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