The newly appointed Ray Davies talks about what lies ahead in 2012 for the Isle of Man
2011 was a great year for the Isle of Man’s gambling sector, which remains strong and growing. The number of licence holders reached a new high with growth of 40 per cent in 2009-2010, and there are plenty of new licence applications under way.
While it is natural to look for the positives, we must remember that we remain in the midst of a global recession that has struck deeply across the world’s leading economies. The Isle of Man has weathered the storm remarkably well, however, mainly due to the diversity of our economy and its 19 sectors and the ability of our responsive government to act quickly. It is a sign of the breadth and strength of our economy that the Isle of Man has maintained economic growth at a time of unprecedented economic turbulence.
In fact, the Isle of Man is in its 27th year of unbroken growth, albeit at a more modest growth rate of 2.2 per cent for the last year. Unemployment remains low and the government‘s reserves remain strong. This has until recently been a key factor in the island’s sovereign credit rating being at the highest level. Even with changes as to how Standard and Poor’s work out their rating system, our AA+ Stable still remains the highest that the island can achieve while Moody’s has retained its AAA rating for the Isle of Man.
This feature can be read in full in the first 2012 edition of iNTERGAMINGi