Will experience some of lowest growth rates in Canada over next 18 months, according to think-tank
OTTAWA—The Conference Board of Canada says the three northern territories will have to weather some tough fiscal times over the next year before new mines and exploration kick in down the road.
A report by the think-tank says the wobbly global economy has damaged the North’s immediate prospects.
It says the Yukon, Northwest Territories and Nunavut will experience some of the lowest growth rates in Canada over the next 18 months.
But by the middle of the decade, new mines across the North are expected to warm up a cold economy.
Construction expected to begin over the next decade on nine such projects is anticipated to fuel growth rates of nearly eight per cent in the N.W.T. by 2016.
The Conference Board is an independent, non-profit think tank that conducts research on a wide range of economic and public policy issues.