The ‘Manx tiger keeps its teeth in recession’ is the title of an article in the Financial Times.

The article states that while recession sweeps through Europe, the Island remains relatively untouched with the economy growing, house prices rising and unemployment just starting to fall.

It goes on that businesses are largely optimistic amid one of the worst global downturns for 60 years, as a recent poll of companies in key growth sectors, identified by the government, shows half expect to increase profits this year and a third hope to take on more staff.

‘The poll of 54 enterprises spanning manufacturing, e-Business, professional services, shipping and aircraft services found only a fifth expected to shed staff and one in eight saw business shrinking.

‘Some 70 per cent anticipated some profit this year and just six per cent a loss,’ the article by Andrew Bounds, North of England correspondent, continues.