Given the impact the COVID-19 pandemic has had on financial markets, Jersey Finance CEO Joe Moynihan details his plans for aiding the global recovery.

Mr Moynihan cited figures from the International Monetary Fund, stating that it forecasts the global economy will shrink by 3 percent this year, with around $9 trillion being wiped off global GDP during the next two years.

Furthermore, he added that the Bank of England has warned the UK economy will experience its deepest recession on record, shrinking by a staggering 14 percent this year.

“It’s why as an industry we have been working hard to introduce measures to support those in the local community and internationally who need support,” said Mr Moynihan.

The industry group has been making requests for assistance, initiatives and updates from some of our key partners, and also encouraging its members to find out more about volunteering their time or making financial donations to local charities and the Bailiff Covid Fund.

As an international finance centre (IFC), Jersey is ready “to aid the road to recovery beyond our own shores too, to help channel capital to where it is needed most in the world”.

“I remain convinced that reputable centres like Jersey will be absolutely critical to the global economic and social recovery from the pandemic,” he said.

According to Jersey Finance, around 60 million people worldwide benefit from having their pension funds administered through Jersey. The funds hub helps distribute around $76 billion in foreign direct investment to global markets annually, and Jersey is playing an increasing role to a growing base of ESG and impact funds each year. This, said Mr Moynihan should only underline the role it can have in meeting global needs over the coming months.

He concluded: “Jersey has both the responsibility and the capability to play a vital part in the road to recovery, at home and internationally.”