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The Isle of Man Government has today published the first annual report of the Isle of Man Economic Strategy, noting that the Island is making progress towards its 10-15 year vision to ensure a secure, sustainable and vibrant economy into the future.
The 2023 Annual Report outlines the Isle of Man’s current economic indicators and initial progress towards the long-term objectives detailed in the Economic Strategy, as well as sample initiatives funded by the Economic Strategy Board throughout the year in support of these objectives.
The 2023 Economic Strategy Annual Report will be presented at the Tynwald Parliamentary Session in January 2024 and Tynwald Commercial Register.
Chief Minister Alfred Cannan MHK commented:
“The finalisation of the economic strategy last November was an important moment for this Government, setting out our high-level objectives to ensure the future economic resilience and prosperity of our people and islands.
“The Island Plan then distills these goals and sets out a roadmap of actionable actions and targets for this administration that align with our vision.
“Now that we have set ambitious targets, it is vital to measure progress towards them. This annual report shows how the Economic Strategy Board is working across government to deliver projects that support our overall goals.
“There is much work to do in the months and years ahead as we continue to make progress towards our goals, but the full value of these initiatives is expected to benefit our islands in the long term for generations to come.”
Minister of Finance Dr Alex Allinson MHK commented:
“The Economic Strategy sets out a clear investment framework for our future economic prosperity, supported by a £100m Economic Strategy Fund established in 2022 to accelerate progress and support key initiatives.
“Through the Economic Strategy Board, we are ensuring we are committed to long-term economic sustainability and securing and growing the public finances to invest in higher quality public services and improve the quality of life and experience for all residents.
“While the Isle of Man undoubtedly faces a number of economic challenges, particularly in terms of the cost of living, indicators of economic strength remain positive throughout 2023. This year we have recorded increases in employment, new housing developments progressing through planning approvals and increases in tax revenues, to name a few.
“This is only the first annual report of this 10-15 year economic strategy. The work of the Economic Strategy Committee will continue to ensure our island’s economy is well-positioned to weather future headwinds and that we continue to invest in a more secure, resilient and sustainable future for the Isle of Man.”
you can View the report on the Economic Strategy page of the Island Plan website.
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