On his last day as Chief Executive of the Department of Trade and Industry, Chris Corlett gave the Isle of Man JCC on update on the Economy 2014 Project, which was initiated in 2004 with the goal of predicting what the Isle of Man economy would look like in 10 years.
Isle Of Man Economy 2014 Presentation To Junior Chamber
1. Economy 2014 Project update: Creating the Can-Do Economy? Chris Corlett CEO, Department of Trade & Industry 31 March 2010
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3. To respond to this, we formed the IOM Economy 2014 Think-tank To deliver a vision for the IOM’s economy by 2014, indicating key future primary sectors, target country markets and key factors in achieving this (tax, legislation, marketing, staff skills etc.) Objective Stakeholders PUBLIC Chris Corlett, CEO, DTI (Facilitator) Mark Shimmin, CFO, Treasury Steve Carse, Chief Economist, Treasury Malcolm Couch, Assessor of Tax, Treasury Jane Dellar, Dir of IOM Finance, Treasury Carol Glover, CEO, DTL PRIVATE Steve Christian, Gasworks Media Chris Eaton, MD, ILS Chris Hall, MD, Manx Telecom Jerry Linehan, MD, IOM Bank Paul Quirk, MD, Friends Prov Intl Participants FS – Assoc. of Licensed Bankers FS – Manx Insurance Assoc. FS – Assoc. of Corporate Service Providers FS – Manx Insurance Managers Assoc. FS – IOM Fund Management Assoc. E-Business – E-Business Consultative Committee E-Business – CoC IT Committee Shipping – Shipping Assoc. Manufacturing – CoC Manufacturing Committee Tourism – CoC Tourism Committee Economic Development Committee of Council of Ministers Tynwald members
4. Scope: IOM Primary Secondary Sectors Banking Asset Mgt. Fiduciary Shipping Management Captives ICT/e-Business Food & Drink Film General Manufacturing Financial Services Sectors Other Primary Sectors Secondary & Public Sectors Tourism X Life Manufacturing Engineering Aviation Management Accounting Legal Government Construction Retail Utilities Transport Medical & Health Education Others Agriculture & Fishing * Leisure (Catering & Entertainment) Space
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6. Relative importance of sectors (2004) Actual & Adjusted Economic Output Key: Actual output = formal economic output relating solely to that sector Real benefit = real value to the Island of business introduced by this sector to all sectors
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8. We developed two scenarios – Good & Bad – based on whether we succeed or fail in achieving the Can-do Economy Projected annual growth in real terms Nil 1 to 1.25% Earnings -2% 3 to 4% Tax -2% 0.6 to 0.8% Population -2% 0.8% Jobs -1% 5 to 6% Economic growth BAD GOOD
9. Growth prospects by sector - GOOD High-growth < ICT / E-Business > Film Shipping NEW Aircraft management NEW Space Medium-growth Tourism Manufacturing Asset Management Fiduciary Low-growth < Banking > Life & pensions Food & drink Overall: Forecast 5-6% annual growth
10. Growth prospects by sector - BAD Medium growth Film Nil to low growth Food & drink Manufacturing Fiduciary Tourism < ICT / E-Business > Asset Management Life & pensions Shipping Negative growth < Banking > Overall: Forecast 1% annual decline E-Gaming NEW Aircraft management NEW Space Failed sectors