KPMG in the crown dependencies has been appointed as "strategic partner" to the Isle of Man Government, to develop a five to ten-year economic strategy for the island.
The professional services firm, with offices in the Isle of Man, Jersey and Guernsey, won a competitive tender process that attracted international responses, KPMG said in a statement.
Although project managed on the island, a team of over 40 of KPMG's international team of experts across many areas including economics, geopolitics, financial services, green and renewables, digital and tax will also be involved.
Like many economies, we face economic challenges but in a fast-changing world there are many opportunities to capitalise on."
In addition, KPMG's Alliance Partners such as Microsoft, ServiceNow, AWS and Eurasia Group were also cited as able to assist the Isle of Man on the strategic journey.
The KPMG team will be co-led by Dr Nicola Mazzarotto, global head of economics for KPMG and Simon Nicholas, partner at KPMG in the crown dependencies.
Nicholas said: "KPMG are delighted to have been appointed by the Isle of Man Government and are proud to be associated with such a forward looking and ambitious project, that comes at such a critical time for the Isle of Man. Like many economies, we face economic challenges but in a fast-changing world there are many opportunities to capitalise on and we are excited to be able to work alongside the Isle of Man Government to embrace this new reality."
Minister for Treasury at Isle of Man Government, Alfred Cannan said: "KPMG's presentation and tender submission was of excellent quality, and provided world class expertise and insights that will be vital in helping to shape this important strategy that will positively impact the island's economy for many years to come."
Following the first national lockdown, the Economic Recovery Programme was established to ensure the protection of jobs, provide support to the business community and stimulate the economy.
A key pillar of this programme was the need to develop and deliver a longer-term economic strategy to help assess and grow the island's economy over the next 10 plus years.
The project, ‘Our Big Picture', will be implemented across five key phases; the Economic Vision, Macro Economic Research and Review, Development of Policy Levers, formulate a Strategic Framework and Establish a Monitoring Program.
The first three phases of the project will analyse the island's current economy, consider models for policy change, and assess the island's strengths, weaknesses, opportunities and threats within a global context.
It will engage a range of stakeholders including various government departments, trade associations and networks, as well as the wider public, throughout the duration of the project.