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‘Hardest part is behind’ territorial economies: conference board

Economic growth is expected to average 1.8% in the three territories between 2016 and 2020.

September 14, 2016   by PLANT Staff with files from The Canadian Press

OTTAWA — The Conference Board of Canada says the three northern territories will see modest but consistent economic growth starting in a year or two.

The group has just released its economic outlook for Yukon, the Northwest Territories and Nunavut.

Economic growth is expected to average 1.8% in the three territories between 2016 and 2020, and rise to an average of 3% beyond 2020, according to the Conference Board’s latest Territorial Outlook.

It concludes that while all three mining-dependent territories continue to suffer from low commodity prices, better times are on the horizon.

The board predicts economic growth across the North will nearly double by 2020.

It says new mining projects should create average growth of 3% a year for a decade after that.

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