The Manx economy has been in decline since Covid, experiencing one of the most severe contractions in living memory and losing 1,000 jobs from key sectors.

Stark figures on the state of the island’s finances were highlighted at a pre-general election presentation by the Chamber of Commerce held this week at the iMuseum in Douglas.

Its focus was the future of the economy and featured insights from Chamber board members, a panel discussion and audience question and answer session, and a presentation by guest speaker, James Kingston, a specialist in AI and tech policy.

Some general election candidates were among those who attended.

Chamber chief executive Rebecca George said: ‘As the Isle of Man approaches general election polling day on September 24, there has never been a more important time to focus on the decisions that will shape the island's long-term economic future.

‘[This] event was an opportunity to explore the current state of the economy, Chamber's vision for long-term growth, and the practical actions needed to strengthen the Isle of Man's position in an increasingly competitive global economy.’

Official statistics show the Isle of Man economy contracted by an estimated 7.4% in the two years to March 2024 - among the most severe contractions the island has experienced in living memory, and worse than the UK's peak-to-trough decline during the 2008 financial crisis.

Since then, the Chamber says, around 1,000 jobs have been lost from key sectors including financial services, e-gaming, manufacturing and tourism.

These are the sectors that have powered the island’s economic growth for decades, and provide two thirds of government income so this is impacting household incomes and public services.

‘Our economic miracle has run out of steam - yet the public does not fully understand this,’ one of the slides to the presentation was entitled.

The number of entry level jobs fell in the first half of this year by 30%, with entry level professional roles down by around 50%.

According to the presentation, the level of those not in education, employment or training (NEETS) is now higher than the UK.

Meanwhile, businesses say they are struggling to recruit suitably skilled staff skilled. But Manx workers in the UK seeking to return are struggling to find jobs here.

Tuesday’s event was part of an ongoing Chamber of Commerce campaign to ensure that economic and business issues are at the centre of discussions among candidates and voters in this year’s general election.

Chamber warns that without urgent action to restore growth, the island risks falling into a cycle of declining opportunity, rising pressure on public services, and long-term economic decline.

Its campaign is based on direct feedback from its members, its sector forums, and business leaders across the island.

Around three quarters of Chamber’s members say they have no confidence that the government’s economic vision aligns with the needs of business.

And 75% also said that regulation is stifling their growth, with not one describing the current regulatory environment as supportive.

Four things are holding us back, the presentation was told - no clear economic narrative, slow decisions, regulatory friction and no ownership of actions.