At the Chamber of Commerce AGM, an economist, two politicians and an insurance executive faced the question of whether Bermuda is built to succeed in a volatile geopolitical environment
“Preparing for the unexpected is what we should be doing all the time…”
This from economist, Craig Simmons, speaking during the local geopolitics panel at the Chamber of Commerce Annual General Meeting.
He joined Labour and Economy Minister Jason Hayward, Shadow Finance Minister Dr Doug De Couto, ABIR’s Director of Policy Collin Anderson, and moderator Marico Thomas, Chamber President.
The attendees had already were presented with a sobering picture of a global economy in flux by KPMG’s Stefano Moritsch. He said we’re living in a geopolitical recession, where regional tensions and a race for technological supremacy will continue to disrupt once-established supply chains and processes.
It’s this new terrain that Bermuda must navigate.
Economist Craig Simmons opened the panel discussion by citing Nassim Nicholas Taleb’s work, and suggesting global disruptions are par for the course in a hyper-connected global economy.
He added that Bermuda has been built for efficiency rather than resilience…
“We have a choke point”, he said, “in terms of all of our food is coming from two points – New Jersey and Florida…
“Government revenue is heavily dependent upon Corporate Income Tax, and the Payroll Tax that comes from international business…
“So we’ve we’ve got points of vulnerability… acknowledge that, and build a society that is able to withstand hits.”
When asked about supply chain vulnerability, Labour and Economy Minister Jason Hayward said that “Government is actively pursuing alternative shipping routes.”
WATCH the full report above, or the full panel discussion HERE.
