The island’s economic outlook and the issues shaping this year’s General Election were in focus at a Chamber of Commerce event held at the iMuseum this week.
The session, titled The Future of the Isle of Man Economy, brought together Chamber board members, a guest presentation from James Kingston, and a panel discussion with audience Q&A. Several General Election candidates were among those attending.
Chamber CEO Rebecca George said the approach to polling day on September 24 made it “more important than ever” to examine decisions that will shape long‑term economic performance.
She said the event offered a chance to explore the current state of the economy, Chamber’s growth vision, and the actions needed to strengthen the Island’s competitiveness.
Serious Economic Contraction
The Chamber warned earlier this year that the island has undergone its most serious economic contraction in a generation.
Official figures show the economy shrank by an estimated 7.4% in the two years to March 2024, a decline more severe than the UK’s peak‑to‑trough fall during the 2008 financial crisis.
Around 1,000 jobs have been lost across key sectors including financial services, e‑gaming, manufacturing and tourism.
Chamber says urgent action is needed to restore growth and avoid a cycle of declining opportunity and rising pressure on public services.
Its campaign is based on feedback from members, sector forums and business leaders, alongside its ‘Future of the Economy’ work.
