Poll: economic impact from outbreak

  • Graphic by Christina White

    Graphic by Christina White

  • Graphic by Christina White

    Graphic by Christina White

A total of two thirds of residents said they believed Bermuda would bounce back from the economic havoc caused by the coronavirus crisis, a survey has found.

However, 94 per cent of those quizzed admitted they were worried about the prospect of a recession as a result of the Covid-19 pandemic.

Many told pollsters their families had lost income because of the crisis, which has shut down businesses and caused widespread unemployment.

Almost two thirds — 64 per cent — said they believed that, although Bermuda would suffer in the short term after the pandemic ended, it would recover over time.

Seniors were more likely to hold an optimistic view, with 69 per cent of those older than 65 confident of long-term recovery.

The survey, carried out between May 4 and May 7 by Global Research, found that 15 per cent of people thought the island would never make an economic recovery.

But 8 per cent believed it would emerge stronger than ever and 2 per cent said it would only suffer a little.

A total of 66 per cent predicted it would take more than a year for the economy to return to normal and 20 per cent said it would take between three months and a year.

Just 1 per cent said it would take up to two months and 7 per cent said they believed the economy would never recover.

The survey also found:

• 27 per cent of people lost income in the previous week as a result of the coronavirus

• 29 per cent expected to lose income in the next month — rising to 37 per cent for those aged between 55 and 64

• 22 per cent lost their job permanently or temporarily

• 19 per cent reported a household member had lost their job

• 23 per cent said their household debt increased

• 65 per cent were concerned at their ability to pay bills

• 16 per cent said their ability to afford food and household goods was affected

• 62 per cent were concerned about their job security.

The survey was carried out by phone and online and had a margin of error of +/-5 per cent at the 95 per cent confidence level.

To view the poll results in full, click on the PDF link under “Related Media

You must be registered or signed-in to post comment or to vote.

Published May 26, 2020 at 8:00 am (Updated May 26, 2020 at 8:46 am)

Poll: economic impact from outbreak

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