Monday, August 17, 2026
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IB boom pushed up living costs, says economist

Citing ‘Dutch Disease’, economist Craig Simmons says rapid growth in IB led to a decline in other sectors

At today’s Cost of Living Summit, economist Craig Simmons presented data to explain how Bermuda got to where we are today.

He compared Bermuda’s position to the economic phenomenon of Dutch Disease, where the rapid growth of one sector, such as a natural resource like fossil fuel, leads to a decline in other sectors.

In Bermuda’s case, the big oil was international business. (WATCH above)

Watch the Cost of Living Summit HERE.


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