That stark message was voiced yesterday by Mike King, chief officer of the Economic Development Department, who outlined the reasons why the Island needs to diversify its economy.
Mr King told an audience of business leaders, politicians and public sector managers that the new enterprise and business development strategy had social consequences for individuals and the community as well as for business.
‘We need to be aware of the ageing population.
At the moment for every one person in retirement, five people are working to support them.
In about 30 years’ time there will be two people in work for every person that needs to be supported.
‘Unless we make fundamental changes these two people will have to generate as much economic value as the five people do today.
This is a major challenge for everyone in the Island,’ he said.