What is the Future Economy Programme Jersey faces long term economic challenges, and the Future Economy Programme (FEP) exists to help ensure Islanders enjoy a better standard of living in 2040 than they do today.
The FEP will focus on enabling this growth through three components:
Economic Strategy : Setting the vision and themes for sustainable economic growth to 2040. The strategy sets out the challenges and opportunities for growth and acts as the call to action for Jersey
Economic Projects : Delivering growth options to achieve the vision. The Delivery Framework 2023-26 is the Government’s first action plan to support growth and begin the journey towards our vision. The Delivery Framework will be updated regularly to reflect the latest actions, and progress will be tracked as part of the wider programme Economic Awareness : Improving insights and economic understanding is important to spark meaningful debate about our future. The FEP aims to achieve this through products such as economic blogs, thought pieces, and an annual report on progress towards the visionThese components are all underpinned by economic analysis, which will support evidence-based decision making across Government and the Island.
VIDEO
The Future Economy Programme's vision The vision is to be a consistently high-performing, environmentally sustainable and technologically advanced small island economy by 2040.
The vision is underpinned by five themes that collectively guide the type of economy we are aiming for:
Resilient - an economy resilient to economic shocks and global trends, and agile to change Innovative - an economy with a culture of entrepreneurialism and innovation Skilled - an economy with a culture of lifelong learning, supporting the future needs of the Island Fair - an economy with growth that benefits all Islanders equitably International - an economy with a strong global reputation and diversified export opportunities Why we need the Future Economy Programme
Jersey boasts an economy worth over £5.7 billion per year, making our average living standard (Gross Domestic Product per person) around £55,000, which puts us among the top 20 globally.
However, all developed economies are facing two significant challenges, and Jersey is no different:
Demographic shifts – the average age of our population is increasing whilst birth rates are declining. Without net positive inward migration, the amount of people over 65 increases 30% by 2040, while the working-age population falls by 10%. This means more pressure on public services and less tax income to pay for them Weak productivity - since 1998, productivity in Jersey has fallen by around 30%. We must focus on increasing productivity in all sectors for sustainable economic growth Opportunities for sustainable economic growth
To achieve sustainable economic growth we have three initiatives announced in the Delivery Framework 2023-26 :
developing growth enablers
increasing existing sector productivity supporting with an effective public sector
If you have ideas about Jersey's future economy or would like to join our mailing list to stay up to date, FutureEconomy@gov.je .
gov.je