BERMUDA—A listless economy has meant $150 million trimmed from Bermuda’s budget, but a brighter outlook is expected later this year, according to Bermuda and U.S. officials.

“Clearly, the economy is sluggish, particularly on the tourism side,” said Bermuda Premier and Minister of Finance Paula A. Cox during a panel discussion at the seventh annual Bermuda Captive Conference. A slowdown of hotel projects has contributed to the slow recovery, she added.

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