Bermuda?s economy was no longer part of ?Another World?, a Government Senator said.

Leading off the Budget Debate in the Senate on Monday, Government Senator Raymond Tannock said Bermuda should not be complacent about the dangers of outside economic influences.

?We are a small country, we are a successful, even boastful, but we cannot get arrogant,? Sen. Tannock said. ?We are part of a bigger world. We are not another world. We are fair game. We must protect ourselves.

?I mentioned earlier Bermuda was another world, I call this our unofficial anthem,? Sen. Tannock said. ?This comes from a song penned by legendary Calypsonian Hubert Smith, who I thank for a beautiful glimpse into some of our culture. But we are not unique. We cannot think that nothing bad can happen to us.?

Sen. Tannock supported Government?s creation of a London Office.

?I am a firm believer that no one can speak for me better than I,? he said. ?It is very important we step up and be prepared to speak for ourselves at all levels. Not only here but on the world stage.

?If we want to continue to be a major player in the global scene, we must be prepared to stand up.?

Opportunity existed for Bermudians, he said, but they had to reach up and take it.

?We the Government create opportunities but can?t force anyone to take it,? Sen. Tannock said. ?Anyone who comes forward will be encouraged, guided, because we recognise as Government leaders we don?t all have good ideas to achieve success.?

He said Bermuda?s economy continued to show strength and resilience in light of global disasters, including the December 2004 tsunami, Hurricane Katrina and an earthquake in Kashmir, India.

Bermuda?s estimated GDP growth of 2.75 percent to three percent in 2006 compared favourably to other major economies, he said.

Giving a run-down of economies of the rest of the world, Sen. Tannock said the UK economy was expected to grow 2.4 percent in 2006 while Canada was forecast to increase by 3.2 percent. Japan had a forecast growth of two percent, the US 3.1 percent, Europe 1.3 percent and the rest of the world 2.6 percent, Sen. Tannock said.

However, the Gross Domestic Product (GDP) growth of 2004 was 5.1 percent, he said, while figures for 2005 were not complete.

International business took up the lions share of Bermuda?s GDP, he said, at 20.6 percent.

At the bottom of the list was the hotel and restaurant industry, he said, comprising 5.4 percent of GDP.

Overseas purchases rose from $35.9 million to $42.2 million, he said. And residential units increased by 331 homes in 2005, he said, an increase from 263 in 2004.

There were 13,841 companies registered in Bermuda in 2005, he said, a growth of 268, while international business hired 4,207 employees ? an increase of 133 jobs ? for the same year.

Speaking on Tourism, the Government Senator said air arrivals were down less than one percent and cruise passengers up 20 percent.

?Tourism is not doing as well as we would like but indictors are that it is going to improve drastically,? he said.?Expenditures grew 8.7 percent to $310 million overall?.

Jobs in the retail and repair services sector had decreased by 6.3 percent, he said, due primarily to the closure of Trimingham?s and Smiths.

Sen. Tannock said since 1998 Government had implemented financial policies to deliver Gross Domestic Product (GDP) growth without major tax increases.

He said Government had created a new empowered Bermuda for the benefit of all of Bermuda.