Ms Foulger was a panelist at the conference along with senior lecturer of economics at the Bermuda College Craig Simmons, writer and economic analyst Larry Burchall, and Kumi Bradshaw of Firm Advisory.
However, Steven Douglas, the Eastern Counties president, has said that good news is on the way.
Ms Foulger told the audience: We have lots of third sector organisations in Bermuda.
In the same way that we have seen consolidations going on in the insurance industry, there is never a perfect overlap, but there is a degree.
Mr Burchall highlighted Bermudas growing GDP but warned that due to the peculiarities and uniqueness of our situation, it is not going to feel like it.
It will feel like it is dragging on and that is because our need to service our debt is increasing, increasing, increasing. Mr Burchall spoke positively about the potential economic impact of the Americas Cup but stressed that for our economy to be able to support our debt service cost, it would be crucial to increase the working population in Bermuda from 33,500 to at least 45,000.