The Progressive Labour Party government is building a diversified and sustainable economy that will enhance the quality of life for Bermuda’s residents.

The priority is economic growth. Economic growth provides hope.

During the take-note motion on the Bermuda Economic Development Strategy 2023-2027 in the House of Assembly on June 30, minister Jason Hayward stated: “Our goal is to focus on the investment and policies needed to spur economic growth essential to getting Bermudians back to work, restoring hope, sparking entrepreneurship and innovation, and building a more prosperous Bermuda that provides opportunities for all Bermudians while creating wealth for the future.”

The Economic Development Strategy provides a framework that will guide Bermuda to sustainable economic growth and development. The strategy builds on the work of the Economic Recovery Plan produced in 2021 as a response to the economic downturn caused by the global pandemic.

The strategy received unanimous support from the PLP and One Bermuda Alliance MPs during the debate and has also received support from the Bermuda business community, which participated in the development of the strategy.

Every resident can read the full document by following the updates from the Ministry of Economy and Labour.

Download PDF File

Economic Development Strategy 2023-2027.PDF

The strategy contains five strategic priorities and initiatives that will provide direction and drive sustainable economic expansion, leading to business development, the growth of our workforce and job opportunities for the people of Bermuda.

The strategic initiatives are:

1, Local and international business retention and expansion

2, Business attraction and investment promotion

3, Entrepreneurship and small-business development

4, Continued execution of the economic recovery plan

5, People

These initiatives are designed to support and encourage Bermudians to remain competitive in the labour market. They will provide an environment for a high-quality workforce and improve the ability of Bermudians to participate in the local economy. The specific actions will chart the path for Bermuda’s economic prosperity.

We invite you to join the PLP government in preparing for the future in our plans to further develop and support an informed, skilled and connected talent pool for Bermuda’s labour force.

Bermuda, your PLP government has a record to be proud of: promises made, promises kept. Let’s continue to work together as we guide Bermuda to sustainable economic growth and development that will benefit everyone.

• Anthony Richardson is the government MP for Hamilton South (Constituency 7). To view the Bermuda Economic Development Strategy 2023-2027, see “Related Media”