Eastern Canada business leaders call for ‘single economy’ between Atlantic provinces
Atlantic Canada could become one of the country’s most prosperous regions if it leverages its abundant talent and resources as a “single economy,” a group of business leaders say.
A group of prominent business leaders from Atlantic Canada has called for a "single economy" among the region's four provinces in order to boost economic growth and prosperity, according to a report released on Friday. The Atlantic Economic Panel, consisting of seven experienced executives and entrepreneurs, released the report, which outlines seven recommendations to transform the region's economy by 2035.
Atlantic Canada has consistently underperformed compared to the rest of Canada, with its GDP lagging behind the national average by one percent annually for the past three decades. The panel's report identifies low productivity, labor shortages, complex regulations, and trade barriers as key factors hindering economic growth in the region. As a result, the workforce is aging rapidly, and the region's economic output is not growing as quickly as other parts of the country.
The panel's report outlines several strategies to address these challenges, including creating a "One Atlantic Canada" agenda to bring the provinces together functionally while preserving their individual governments. This would involve eliminating trade and labor mobility barriers, presenting all major investment opportunities through a single regional investment platform, and delivering at least half of all major infrastructure projects through regional partnerships.
Additionally, the report calls for an integrated electricity system managed by a region-wide independent system operator and growing the region's population to more than three million people.
The panel also proposes doubling the number of businesses exporting to global markets and increasing exports to Europe to more than $30 billion. To achieve these targets, the panel suggests creating a $1-billion Atlantic Prosperity Fund and increasing the value of Atlantic Canada's natural resource economy by at least 50 percent through mobilizing $100 billion in new investment.
Many of the report's targets are ambitious, with the word "double" appearing nine times. New Brunswick Premier Susan Holt emphasized that the goal is not to force each province to be the same but to collaborate and share a similar spirit and sense of Atlantic values. Holt highlighted a recent agreement between New Brunswick, Nova Scotia, and Prince Edward Island to work together on future energy needs.
Sean Fraser, the federal minister responsible for the Atlantic Canada Opportunities Agency, emphasized that the report's recommendations require action from people across Atlantic Canada. Fraser stated that while identifying potential is important, converting that potential into prosperity requires getting to work.
Written by urgent.news from Global News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
