Ahead of next week’s General Election, James Kingston from non-partisan policy group Growth IoM shares his thoughts on the island’s economy.

The Manx miracle is over.

Decades of uninterrupted growth have given way to the worst economy in a generation.

Treasury figures show a 7.4% economic contraction in the last two years for which we have data.

Exports have been the engine of our economy, but the engine is stuttering.

Our export industries - finance, professional services, digital assets, manufacturing, and tourism - shed 1,000 jobs in 2024/25.

Redundancies are up - especially in e-gaming - and job opportunities are down.

The island is failing its young people - there has been a 30% decrease in entry level jobs, and a 50% decrease in entry level white collar jobs.

Today, we have more NEETs - people not in education, employment, or training - than the UK, and most of Europe.

Statistics are abstract; jobs are real. Every job lost and every role left uncreated is a family facing an uncertain future, or a person failing to meet their potential.

Deeper still, unemployment is a funding issue; the Manx tax base, and with it our public services, heavily relies on taxes we take from employment.

No jobs means no employment; no employment means less tax revenue; less tax revenue means no or very limited public services.

Without a plan, things could soon return to how they were back in the 1960s - an era of stagnation and emigration, when living standards fell and the young moved overseas.

The question is what comes next - what industries and business can boost the Island, and what package of initiatives, laws, and regulations can attract and keep them here.

Growing the economy, creating new jobs - and creating the right kind of jobs - ought to be the highest priority of the next Tynwald. The good news is that there are plenty of opportunities.

Growth IoM exists to promote the policies that will bring us growth.

We believe the island can do what we already do, better - by supporting small businesses, and embracing international markets.

So too do we believe that our island should be ambitious - that we should embrace the opportunities posed by sectors as varied as digital assets, data markets, AI, and life sciences.

What we need now is urgency and creativity - an urgent response to the problem of economic stagnation, and a creative approach to winning in the industries of the future.

We call on all MHK candidates to sign our Growth Pledge - a pledge to prioritise economic growth in the next Tynwald.

Businesses and citizens can also show support by signing the pledge.

As election day approaches, MHK candidates up and down the island can be seen knocking on doors, and appearing at debates.

We urge Manx voters to ask their candidates a simple question - what, if they reach office, they will do for the Manx economy.

Ultimately, the answers to this question will define everything else. Growth pays for the island we expect. To learn more, come join our Growth Debate on Tuesday (September 22) at the MannBenham offices on Victoria Street.

Reserve your tickets online at https://growthiom.im/growth-debate-douglas