Bermuda's economy is a flourishing one and as far as the gross national income is concerned it is rated number 1 by the World Bank. International Business center is its money supplier. Though Bermuda's economy has no oil, gas or heavy industries the island is a well known tourist resort. The main advantage of doing business in Bermuda is that no taxes are charged for business activities.
Bermuda is mainly a tourist and business oriented destination. Its main income comes from tourist industry .Agriculture and industrialization is not possible due to the lack of suitable land. Most of the food products are imported .The government is trying to strengthen the tourist and financial sectors of the Bermuda economy.
After World War II, Bermuda has slowly developed its economic condition. Bermuda has more than 12,500 foreign companies and these companies are the main source of foreign exchange. Dollar is the unit of currency in Bermuda.
Every year more than 400,000 tourists visit the island and they are mostly from America.
Bermuda's economy began to develop since the 1950's.The government took major decisions for the incoming business activities and it also kept the foreign banks from intervening. The Bermuda Monetary Authority looks after the financial sectors .Its insurance sector is also growing fast and soon will reach the top.
