The gov has announced the appointment of KPMG as strategic partner to develop a five to 10 year Economic Strategy for the island.
The KPMG team will be co-led by Dr Nicola Mazzarotto, Global Head of Economics for KPMG and Simon Nicholas, Partner at KPMG Isle of Man.
The development and delivery of a longer-term Economic Strategy was detailed as a key pillar of the Economic Recovery Programme which seeks to protect people and jobs, provide support where it is needed, and stimulate the economy and exploring opportunities for growth and the island’s collective economic future.
A gov statement said the KPMG strategy, ‘Our Big Picture’, will be constructed across five key phases; the Economic Vision, Macro Economic Research and Review, Development of Policy Levers, formulate a Strategic Framework and Establish a Monitoring Program.
The first three phases of the project will analyse the island’s current economy, consider models for policy change, and assess the island’s strengths, weaknesses, opportunities and threats within a global context. According to the gov, modelling of the island’s economy is a beneficial exercise that will ‘help to implement development plans, resources and policies that contribute to a safe, green, digital future for our island and contribute to sustainable economic growth over the next 10 years’.
Treasury Minister Alf Cannan said: ‘We are delighted to be working with KPMG on this important project that will make a positive lasting impact on the island’s economy. They not only offer global expertise, insights, experience of other similar projects and strong leadership credentials, but also demonstrate valuable first-hand knowledge of the local business community and the Island’s unique position which is vital on a project such as this. I look forward to working closely with the team.’
Dr Nicola Mazzarotto added: ‘The KPMG team and I recognise the significance and scope of the programme of work that is involved in this project. We are delighted to work alongside the gov in this project. We are excited about the prospect of working together and leveraging the full expertise and capabilities of the international KPMG network as well as our global partners to build a robust economic strategy that will enable the gov to adapt to market changes, make the most of opportunities and build economic policy based on sound data and economic evidence’