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Island economy will prosper, assures BIBA chief Cheryl Packwood

BIBA CEO: Cheryl Packwood

International business boss Cheryl Packwood yesterday reassured doubters of the Island's economy: Bermuda remains in terrific shape.

Responding to a new poll showing confidence is wavering as the world suffers an economic downturn, Ms Packwood said the Island has the expertise, capital and systems to continue to prosper.

"Obviously the global financial crisis has an impact on people's perceptions of the economy in Bermuda," the Bermuda International Business Association CEO told The Royal Gazette.

"We are a major global financial player and so these broader issues resonate. That said, Bermudians should know that we have just completed two major events in New York and Chicago where we met with many of the large players in the financial industry.

"We were told repeatedly that Bermuda is in terrific shape and that we have an important and incredibly valuable opportunity to be a part of the solution to this global financial crisis.

"We have expertise, capital and legal and regulatory systems that work and, so, if we use those assets and focus on international business, then we should be able to continue our growth and achieve even greater prosperity."

The Research.bm poll showed 20 percent of people rated the economy/unemployment as the biggest issue facing Bermuda today, making it the Island's number two concern behind crime.

Until recently, housing and education have consistently been considered much more of a worry than the economy.