An annual report on the Isle of Man’s financial standing has assessed its economic growth to be ‘stronger than in most of Europe’.
International credit ratings agency Moody’s expects growth to climb from an estimated 1.5% in 2023 to 3% by 2025, rating the Island’s economic strength as ‘a3’ which reflects “a robust record of economic growth and high income levels.”
Its analysis of the fiscal positions of different jurisdictions puts the Island’s overall credit rating on par with the UK, as ‘Aa3 stable’, noting the ‘substantial’ linkages between the two.
The report identifies labour shortages as ‘the most significant credit challenge facing the Isle of Man’s economy with the number of job vacancies remaining high against a low unemployment rate.’
Treasury Minister Dr Alex Allinson MHK welcomed the findings, and said:
‘This report demonstrates that the Island is on the right path.
‘It recognises that our economy, along with those of our near neighbours, has been impacted by international factors such as the Coronavirus pandemic and Brexit, but is showing signs of healthy recovery.
‘It also acknowledges Isle of Man Government’s ‘fiscal prudence’ and ‘proactive policymaking’ which have helped maintain stability in spite of global uncertainty.
‘The economic strategy sets clear targets in relation to the labour market, aiming to grow the Island’s working population by 5,000, which will help address job vacancies and skills shortages.’
The report is available to view and download from the Treasury page on the Isle of Man Government website.
