The States approved the Economic Development Strategy in May 2018. The strategy sets out a vision for the Island's economy and outlines the steps which will need to be taken by the States of Guernsey, in partnership with businesses and the community, to achieve that vision.
The Economic Development Strategy [992kb] seeks to achieve growth in the economy by focusing on four core areas:
Build on what we do well now
- The strategy acknowledges the importance of finance, tourism, digital, retail and construction sectors to the local economy. It identifies the successes these industries have achieved and outlines plans to develop them further.
Achieve diversification into new areas of economic activity to secure long term prosperity
- To diversify the economy, the strategy will research the potential of an international university, seafront enhancement, the 'Blue' economy, renewable energy and clinical & medical services.
Reaffirm that Guernsey is open for business through the actions we take
- Guernsey's prosperity is founded on being an open, liberal, free-trading economy. Guernsey's message to the global economy is that it is open for business, To retain this position in the future, Guernsey cannot stand still. The economic strategy plans to:
- Invest in our people and in our connectivity;
- Maximise the economic benefits of our natural resources while balancing our environmental and social objectives;
- Create an even more business friendly environment through further removal of red tape - that is, removing barriers to doing business that can
- unintentionally reduce our competitiveness;
- Continue to support the promotion of Guernsey as a place to do business;
- Establish the parameters of risk for Guernsey as a jurisdiction in relation to business;
More actively monitor and report on our economy, and use those insights to inform our actions
- It is established practice for governments to be advised on economic policy by independent external experts. The Committee will form an Economic and Productivity Advisory Panel, chaired ex-officio by the President of the Committee, with three independent experts, and with secretariat provided by States' officers. The panel will recommend key performance indicators across areas such as growth (for example growth in gross domestic product), productivity (for example gross domestic product per worker) and diversity (for example diversity of employment across each main sector of the economy).
- The Committee will also work closely with the Policy & Resources Committee to invest further in the States of Guernsey's data and analytics capability in relation to the economy.