‘Hardest part is behind’ territorial economies: conference board
Economic growth is expected to average 1.8% in the three territories between 2016 and 2020.
Oil & Gas
Conference Board of Canada
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.
It says new mining projects should create average growth of 3% a year for a decade after that.