This content has been automatically generated from the original PDF and some formatting may have been lost. Let us know if you find any major problems.
Text in this format is not official and should not be relied upon to extract citations or propose amendments. Please see the PDF for the official version of the document.
WQ.137/2024
WRITTEN QUESTION TO THE MINISTER FOR SUSTAINABLE ECONOMIC
DEVELOPMENT
BY DEPUTY K.M. WILSON OF ST. CLEMENT
QUESTION SUBMITTED ON MONDAY 8th APRIL 2024
ANSWER TO BE TABLED ON MONDAY 15th APRIL 2024
Question
“Will the Minister provide an update on the progress being made in implementing the Future Economy Programme; and will he detail the current risks facing Jersey’s economy and how these are being managed?”
Answer
Good progress has been made by the Future Economy Programme (FEP) since the publication of the Strategy and Delivery Framework for Sustainable Economic Development in October 2023. This includes work on enabling business which the Government will publish shortly; improved collaboration with Planning; economic advice for the Offshore Windfarm project; and increasing the prominence on productivity across the Department’s objectives. A full update on Future Economy Programme progress will be published later in the year.
Jersey's economy faces a number of challenges and opportunities in the coming decades. These are set out in the Strategy for Sustainable Economic Development with the principal two challenges being:
• Demographic shifts – By 2040, without net inward migration, it is estimated that the number of people over the age of 65 will have increased by 50% from 2021, whereas the working age population (16-64) will have decreased by 10%.
• Low productivity – Since 1998, overall productivity in Jersey has fallen by about 30%.
The recognition of these challenges was the rationale for creating the FEP and they will be managed through the combined efforts of the actions set out in the Delivery Framework.
In addition, the Fiscal Policy Panel reports advise on the strength of the economy, the economic outlook and the economic cycle in Jersey. The Department for the Economy also follows the Government’s Risk management guidance (gov.je) and the Department Leadership Team update and manage these on a regular basis.