‘Our Island, Our Future’ - Draft Isle of Man Economic Strategy
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 Draft Economic Strategy.
The ‘Our Island, Our Future: Draft 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:
- Population: Grow the Island’s population to 100,000 residents by 2037, driven by the inward migration of economically active people
- Shape of the economy: Reach a GDP of £10bn by 2032, across the enabling sectors, existing key sectors and new 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 quality of life for 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
The draft Economic Strategy was released in July 2022, and is being used as the basis for wider public and political consultation over the summer of 2022. This survey forms a key part of this consultation period and all views and responses are welcome.