Bermuda’s economic downturn has a “made in Bermuda” stamp on it, the Opposition One Bermuda Alliance said yesterday, repeating its assertion that the global recession cannot be completely blamed for the Islands’ economic woes.“Government's own data confirms the OBA's long stated position that there are powerful factors stifling the growth of Bermuda's economy and that these factors have a ‘Made in Bermuda’ label firmly stamped on them,” said OBA candidate Sylvan Richards.“This current Government is not going to fix these home grown factors, that are holding Bermuda's economy back, if they fail to first acknowledge that they even exist! The world outside of our shores is not going to bail Bermuda out. It will be up to us to fix this situation and get our economy right on track.”Mr Richards was speaking at a press conference to highlight the economy in a “mid-year review”.Joining him was Shadow Finance Minister Bob Richards.Using Ministry of Finance statistics, the pair stressed that Bermuda’s economy had shrunk by two percent in 2011 whereas other Caribbean countries and key trading partners such as the US and Canada had seen theirs grow.Mr Richards’ comments came in the wake of last weekend’s Labour Day banquet endorsement of the ruling party by Antigua Prime Minister Baldwin Spencer who said that Bermuda’s economic woes were part of the global recession.Mr Richards referenced Mr Spencer’s remarks but said that his party had noted that Antigua’s economy had actually grown by two percent in 2011.Bob Richards stressed that turning things around meant policies that increased prosperity by encouraging private sector investments.“The role of government is not to create jobs by hiring more people, because the money to pay those people ultimately comes from taxes. In Bermuda, wealth, growth and prosperity cannot be created that way.“The proper role of government is to create an environment that encourages people in the private sector to invest capital in Bermuda, and in doing so, create more jobs and increased prosperity for all,” he said.“It is that increased prosperity that will provide the government with more revenues to fulfill its mandated functions plus pay down the debt.”The pair also presented figures which showed a long-term decline in air arrivals, a steady decline in the volume of retail sales for 2011 and a persistent decline in the value of new construction projects start ups since 2009.Government budgeting was also touched on, with the OBA noting an “unsustainable” trend of annual budget deficits.“It is critical that this deficit trend is reversed. OBA’s objective is to change this trajectory to where government is able to pay its current expenses, just like we would expect any household to do,” Mr Richards said.He added that Government debt had also been “spiralling into the stratosphere” and is “clearly unsustainable, currently costing Bermudians $234,000 per day in interest.”“It is reckless and desperate for the government to try to justify their bad record on public debt by claiming this represents investments in infrastructure. One look at our crumbling roads, rusting ferries and broken buses will confirm this claim as nonsense.”An OBA Government would cut wastefulness, Mr Richards said but will spend more money promoting international business.A spike in the number of GP cars — from 91 to 247 between 2007 and 2011 — is an indicator of a “mindset” of wastefulness in Government, he said.The international business community had lost confidence in Government because it had not been “dependable” and, while the sector represented about 75 percent of the economy, the amount of money spent on promoting it is “minute”.Mr Richards presented statistics which showed that the number of new international company formations on the Island had declined on a year to year basis since 2009.“There’s been a lot of flip flopping by the Paula Cox Finance Ministry and that has really unnerved international business. Any business — international or local has to be able to feel they can rely on Government. Government has to be dependable,” he said.“The thing about Government is they don’t have to be spectacular, they just have to be dependable.”