Chief Minister Allan Bell has spoken to three fm about the main challenges that lay ahead in 2012.
The Ramsey MHK has warned that it could prove to be the toughest year the Island has endured in a long time.
He spoke of a combination of factors both on Island and further a field that make for challenging times ahead.
All indicators currently point towards a European wide recession which will almost certainly have some impact on the Isle of Man, says the Chief Minister.
He says they will be closely monitoring the ongoing relationship breakdown between the UK and Europe to see how the Island could possibly be affected by the fallout.
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