Views sought on future of the Isle of Man's economy

The Isle of Man Government has launched an extensive consultation on the draft Economic Strategy 2022-2032 to gather views on the future direction of the Island’s Economy.

The draft ‘Our Island, Our Future: Isle of Man Economic Strategy’ was published in July and brings to life a clear vision to develop a strong and diverse economy, which is sustainable, ambitious and built on firm foundations to provide economic success, rewarding career opportunities and prosperity, positively impacting all residents in the Isle of Man.

Alfred Cannan MHK, Chief Minister, commented:

‘The draft Economic Strategy has been built upon months of research and evidence gathering that has led us to the conclusion that we must do something different to ensure the future prosperity of our people. The consultation being launched today asks everybody to take a stake in the future of the Island’s economy by expressing their ideas, alongside highlighting aspirations and economic shifts they’re in support of, in order to help us bring a stronger, updated version back to Tynwald in November.

‘The vision outlined in the draft Economic Strategy will impact all residents and I encourage everyone to take part in this consultation exercise.’

The draft Economic Strategy outlines four economic aspirations and shifts:

• Population: Grow the Island’s population to 100,000 residents by 2037, driven by the inward migration and retention of economically active people and recruitment of key workers.
• Shape of the economy: Reach a GDP of £10bn by 2032, across existing key sectors and new business sectors, with 5,000 new jobs created and filled.
• Public finances: By 2032, to generate over £200m of additional annual income to reinvest in services and improve the quality of life for all residents.
• Sustainability: Substantially decarbonise the services parts of the Island’s economy by 2030, supporting an overall reduction of 35% in the Island’s greenhouse gas emissions.

Dr Alex Allinson MHK, Treasury Minister, commented:

‘The consultation gives people the chance to comment on a broad range of areas, from improving the Island’s attractiveness for existing and new residents, to the importance of various sustainability initiatives and pursuing new business sectors. We are seeing increasing challenges facing the Island and the draft strategy sets out a path to not only counteract external threats, but to also fundamentally shift the shape of our economy to ensure future prosperity is shared with all the people who call our island their home.’

The consultation is open until 30^th September. Visit www.gov.im/economicstrategy to find out more.