The Isle of Man Government have announced the appointment of KPMG as strategic partner to develop a five to ten year Economic Strategy for the Island, following a competitive process that attracted international responses for tender.
The development and delivery of a longer-term Economic Strategy was detailed as a key pillar of the Economic Recovery Programme when it was formed last summer following the first national lockdown. The programme seeks to protect people and jobs, provide support where it is needed, and stimulate the economy, however also recognises that the Island has a unique opportunity to reflect on this challenging period and consider the opportunities for growth and the Island’s collective economic future.
The KPMG Economic 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.
Modelling of the Island’s economy is a beneficial exercise that will help Government to implement development plans, resource and policies that contribute to a safe, green, digital future for our Island and contribute to sustainable economic growth over the next 10 years.
Minister for Treasury, Alfred Cannan MHK welcomed KPMG to the project:
‘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.’
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.
Dr Mazzarotto holds a PhD and Msc in Economics, and has over 20 years’ experience as a professional Economist. Dr Mazzarotto, based in the UK, and the KPMG economics team have worked on numerous government and local authority economic projects throughout the UK and internationally, including with other island economies.
Simon Nicholas, Partner at KPMG Isle of Man, will lead the global coordination of over 45 global sector experts and their teams whilst interacting with Government and business community stakeholders the project as local relationship partner. Simon has over 20 years of experience in advisory services and has worked with high profile clients in the London, Bermuda, Gibraltar, Channel Island and Isle of Man markets.
Simon Nicholas said:
‘KPMG are delighted to have been appointed by the Isle of Man Government and are proud to be associated with such a forward looking and ambitious project that comes at a critical time. The Island, like many global economies, faces economic challenges but in a fast-changing world there are many opportunities to capitalise on.’
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 IoM Government 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 Government to adapt to market changes, make the most of opportunities and build economic policy based on sound data and economic evidence’
Further information regarding the Economic Strategy is available at: https://covid19.gov.im/economic-recovery-programme/
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