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A new international review of 20 islands' resilience has unveiled insights for Guernsey’s future, highlighting both opportunities and challenges for the island’s economy.
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.
Key areas of vulnerability are said to include narrow economic diversity, limited land availability, a constrained tax structure and low infrastructure investment.
Chris Brock, 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, Mr 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.
Pictured: Chamber of Commerce Guernsey President Stephen Rouxel.
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 is BDO Guernsey.
Cynthia Munemo, Head of Risk Advisory at BDO Guernsey, said: "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."
Pictured: Cynthia Munemo, Head of Risk Advisory at BDO Guernsey.
Mr 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."
The event will take place on 9 October at 12:00 at the OGH Hotel.
For more information and to register visit guernseychamber.com/events
Pictured top: Chris Brock.
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