‘Our Island, Our Future’ - Isle of Man Economic Strategy
In November 2022, Tynwald approved the Economic Strategy, an ambitious, wide-reaching 10-15 year strategy to build a secure, vibrant and sustainable future for the Isle of Man.
The ‘Our Island, Our Future: Isle of Man Economic Strategy’ 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 which positively impacts all residents on the Isle of Man.
To achieve this vision the Economic Strategy outlines four economic aspirations and shifts:
- Shape of the economy: Create and fill 5,000 new jobs across new, enabling, and existing key sectors by 2032, reaching an overall GDP of £10bn
- Infrastructure & Services: Further develop the infrastructure and services of our community to plan for an estimated population of 100,000 by 2037
- Public finances: To generate over £200m of additional annual income to reinvest in services and quality of life by 2032
- 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
In 2021, the Isle of Man Government commissioned KPMG as strategic partners to assist with the development of a five to ten year economic strategy for the Island. They set out to deliver a five-phase report to develop a fundamental review and understanding of the Isle of Man’s current economy, looking at the wider global opportunities and threats, developing strategic direction and finally providing a monitoring and delivery framework. This report has informed and guided the Isle of Man Government’s overarching Economic Strategy.
A Draft Strategy was consulted upon during Summer 2022, with over 450 responses from Island residents, employees, and businesses. The Draft Strategy was also a key focus of the Isle of Man Government Conference in September.
Following this consultation period, the final strategy document was debated by Tynwald Members and ultimately approved in November 2022. The full strategy document can be downloaded in the ‘Downloadable Documents’ section of this page, along with the KPMG Reports that informed the Strategy development.