Major financial growth needed to cope with Jersey's ageing population

Jersey needs to increase its financial growth by four or five times each year to meet the needs of an ageing population.

That is the stark assessment by the island's Economic Development Minister, Deputy Kirsten Morel.

He believes current growth of around 0.5% per annum is not enough and they need to reach between 2% and 3% every 12 months for up to the next 20 years to meet their targets.

"If we don't see the sustainable economic growth that we need to, then by 2040 Jersey working people will either have to be paying a lot, lot more in social security costs or we'll have to import thousands of people to the island," Deputy Morel explained.

A mix of different markets will likely be needed to generate enough growth.

"We have to look to diversify into new industries," Deputy Morel added.

"So we are talking about renewable off-shore wind energy, plant-based medicines.

"We've seen the beginnings of medicinal cannabis, there are other areas Jersey can go into that are high-value."