Guernsey’s road to economic resilience

A new international review of 20 islands’ resilience has unveiled important insights for Guernsey’s future, highlighting both opportunities and challenges for the island’s economy.

Despite the strength of the local economy, this review reveals several risks associated with Guernsey’ relatively isolated and dependent nature.

Key areas of vulnerability include:

• Narrow economic diversity
• Limited land availability
• A constrained tax structure
• Low infrastructure investment

These findings will be a focal point of Guernsey Chamber of Commerce’s October lunch event, ‘Guernsey’s Road to Economic Resilience,’ where the results of ISLEFACT’s first ‘State of the Islands’ reviews will be presented. The event will explore resilience-building factors and key takeaways from other island communities, offering valuable insights for Guernsey.

Chris Brock (pictured), Principal Advisor of ISLEFACT and keynote speaker at the event, will delve into the importance of economic diversity, strategic planning, and sustainable development for securing a resilient future. Drawing from best practice in a number of islands worldwide, Brock will emphasise how innovation, education, and infrastructure investment are critical to mitigating risks from issues such as climate change, ageing populations, rising costs and job market instability.

Commenting on the significance of the review for Guernsey, Chamber President, Stephen Rouxel, said: “This review offers Guernsey an invaluable opportunity to learn from the experiences of other island nations. There is clear insight that by focusing on innovation and investment in education and infrastructure, Guernsey can build a more resilient future. By focusing on diversification and strategic collaboration, we can ensure that Guernsey not only survives but thrives in the face of global challenges.”

The event’s sponsor, BDO Guernsey, accountancy firm and leader in business advisory, is eager to support local businesses in leveraging these insights. Cynthia Munemo, Head of Risk Advisory at BDO Guernsey, added: “BDO is proud to sponsor this event and contribute to the conversation on economic resilience. As a firm, we are evolving our advisory services by recommending an ‘anti-fragile’ approach to businesses. Economic instability is just one element of a wider turbulent business landscape.”

Keynote speaker Chris Brock emphasised the collaborative effort needed to ensure economic resilience: “Guernsey’s resilience depends on the combined efforts of both public and private sectors. By learning from the successes and challenges of other island economies, we can chart a more sustainable and secure path forward.”