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Plan for Isle of Man's economic future launched

Posted by on 29th January 2014

The plan for developing the Isle of Man’s economic future, Vision2020, has been launched with an event organised by the Department of Economic Development for the local business community. 

Government says the economy can grow by 3% to 4% each year to 2020, with e-Business sector being key source of growth

Chief Minister Hon Allan Bell MHK opened the event. He commented:  ‘We can be justifiably proud of our economic performance over the past 30 years.  Government and the private sector have worked hard to build a strong, diverse economy with a growing international reputation for leadership on global issues.  However, this in itself is not a guarantee of future success. The global environment is more challenging and competitive than it has ever been. As a result, our economy will continue to change. It is therefore vital that we have a clear economic vision for how our community can continue to prosper underpinned by specific strategies and actions to deliver that prosperity. Vision2020 is designed to fulfil this need. I and all in my Government are committed to this vision as we work to grow our economy for the good of all.’ 

Minister for Economic Development Hon John Shimmin MHK presented the overview of Vision2020 to both Members of Tynwald and separately to business leaders at the Manx Museum.

He commented: ‘Continued economic growth is vital to be able to generate substantial additional Government income, which will be instrumental in funding public services and ensuring a high standard of living for all, while at the same time helping to maintain our low levels of taxation.

‘Since the Chief Minister launched the Vision2020 initiative in June last year, my Department has been working closely with colleagues in Government and the private sector to review the challenges and opportunities facing our economy. This has been the most rigorous and comprehensive such initiative for a decade. As a result, it is my firm belief that Vision2020 sets out a compelling vision for a successful economic future and builds on the plans set out in the Government’s ‘Discover the Agenda for Change in Our Economy’ document, which was published last year. 

‘The overall vision includes eight strategies in key areas of our economy.  Taken together, we are forecasting growth of 3% to 4% each year in real terms to 2020, which is substantially higher than the forecasts for almost all developed economies. 

‘Financial services will remain the largest export-earning part of our economy. e-Business will be the largest source of growth and generate hundreds of new jobs.  Engineering will continue to grow and also generate hundreds of jobs. There are also emerging sectors such as energy and biomedical which offer great potential such that our growth rate could be even higher. 

‘The delivery of this growth will require ever-greater commitment and engagement by Government with the private sector and from our colleagues across Government. However I am confident that we will achieve this and I look forward to updating all stakeholders on an on-going basis regarding performance of the economy.’ 

The Vision2020 strategy document can be downloaded here

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