The chief minister believes the diverse nature of its economy will put the Isle of Man in good stead when it has to deal with the impact of the worldwide recession, in the coming months and years.

Tony Brown says the fact only 36 per cent of the Island's income is derived from the finance sector puts it in a stronger position to weather any economic storm.

He says government is looking 'across the board' when it comes to assessing what the impact might be, but there's still plenty to be optimistic about.

He told Manx Radio:

There are still plenty of opportunities out there, (and) we still work with the private sector going out to promote the Island, to get new business.

"We have to be committed to doing that and all of us working to try and secure the business which in itself secures our way of life, secures employment for ourselves and our children and hopefully then secures the long term future of the Island.

"We are conscious of this, it's not a new phenomenon, but there are greater pressures because the world economy is struggling itself to make things happen, and we can't avoid that."