The Isle of Man's Chamber of Commerce says around 1,000 jobs have been lost from key sectors in two years, representing the worst economic decline in a generation.
This warning is part of the chamber's campaign for political candidates to make economic growth the key priority of September's general election.
The organisation adds the job losses have come from industries which fuelled the Island's economy for decades - namely financial services, e-gaming, manufacturing and tourism.
Without urgent action, the chamber says the Island risks falling into a cycle of decline and rising pressure on public services.
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