The One Bermuda Alliance is encouraged by the findings of the HSBC Business Confidence Index report, which was released last week. It mirrors our feelings about the state of the economy – that, in a general sense, we are seeing daylight at the end of the dark tunnel of our six-year recession.

The survey was conducted in November and the very early part of December last year, so those responding to its questions will not have been aware of Bermuda’s winning bid to hold the America’s Cup here in 2017, nor the subsequent passage of the Casino Gaming Bill through the Legislature – two highly significant events that bode well for the future.

According to its organisers, the study is “intended to be a comprehensive survey and report on the state of the economy, and captures the opinions of business leaders on important factors such as current economic business conditions, anticipated business conditions for the coming year, capital purchase intentions and hiring intentions.”

The survey notes that the number of international businesses registered here has been increasing, and approves the fact that there is “growing recognition that changes are needed to improve Bermuda as a place to do business internationally, and rebuild its tarnished image in that regard.”

It will be remembered that one of the first things the Government did on assuming office in 2012 was to create the Ministry of Economic Development, which, under the leadership of Dr Grant Gibbons, has made a significant contribution to the changes needed, with many more to come.

The report also notes the establishment of the Bermuda Tourism Authority will restore direction and growth to that much-neglected sector of our economy.

Of those surveyed, half believe the economy was in better shape than in 2013 and more than half felt it was moving in a more positive direction. Expectations about the future of the economy were optimistic, and a clear majority of our business leaders believed it will further improve over the next 12 months.

The survey agreed with part of the Government’s assessment of why Bermuda’s recession has been so much worse than the experience in other countries, and lasted so much longer.

“The loss of several thousand expatriates from the workforce has had a particularly negative impact on the economy, literally removing tens of millions of dollars from the economy in terms of consumer spending, which accounts for about two-thirds of GDP growth in Bermuda.

“The ripple effect of the loss of a significant portion of the Island’s population has had a negative impact on every aspect of the Country’s economy, but particularly on the housing sector. Indeed, the resultant slowdown in construction activity on the Island is but one consequence. With the decline in demand, lower house prices have further hurt many households.”

Business leaders, the report says, believe Bermuda needs to replace the portion of the population that has been lost, saying that a declining population and lack of qualified workers were among the top three issues the Island faces. We see that as a vote of confidence in the work Home Affairs Minister, Senator Michael Fahy, has been doing to reform immigration policies.

This is to be a six-monthly survey – a very welcome, significant and intelligent addition to our national database of statistics at a critical time in our economic history. Its value will be as a measure of increasing or decreasing confidence among our business community, both local and international, as time goes on.

•Senator Lynne Woolridge, JP, One Bermuda Alliance chairperson