Achieving Sustainable Prosperity: Benchmarking the Competitiveness of Newfoundland and Labrador

The Conference Board of Canada, 128 pages, April 16, 2015
Report by
4.8/5 based on 6 reviews
(You must be signed in and entitled to rate this report)

This report discusses Newfoundland and Labrador’s competitive strengths and weaknesses against its peers to identify areas where the province can improve its competitive business environment. This is to build a path to sustainable prosperity, in light of the province’s aging population and current dependence on finite resources in the oil and mining industries.

Document Highlights

  • Newfoundland and Labrador has been enjoying economic, fiscal, and productivity growth for 20 years due to the development of the offshore oil and metal mining sectors.
  • However, these resources are finite and the government is too reliant on revenues from the oil sector, so the sustainability of the province’s current prosperity is put into question.
  • A second challenge for the province is its rapidly aging population with the resulting impact on the labour force and on health care expenditures.
  • The province’s competitive position must be strong to ensure sustainable prosperity in light of these ongoing and future challenges.
  • This report benchmarks the province’s business competitiveness in four areas—innovation, investment, human capital, and the business and policy environment—against nine of its direct competitors.
  • Results of this benchmarking analysis show that the province’s competitiveness has much room for improvement when compared with these competitors.
  • Policy recommendations are presented to help the province meet the upcoming challenges of aging and resource depletion and enhance its competitive business environment.
  • Areas of recommended policy reform include boosting immigration, investing in productivity-enhancing infrastructure, curbing public administration spending, and creating a sovereign wealth fund, among others.

Table of Contents

Executive Summary

Chapter 1—Introduction

Chapter 2—Competitiveness Framework

  • What Is “Competitiveness”?
  • Indicator Selection
  • Jurisdiction Selection
  • Report-Card-Style Ranking and Policy Recommendations

Chapter 3—Benchmarking Results

  • The Big Picture
  • Innovation
  • Investment
  • Human Capital
  • Business and Policy Environment

Chapter 4—Challenges and Opportunities

  • Policies to Boost Innovation
  • Policies to Support and Expand Investment
  • Policies to Strengthen the Labour Force
  • Policies for a More Competitive and Sustainable Fiscal Environment

Chapter 5—Conclusion

Appendix A—Bibliography

Appendix B—Jurisdiction Selection Methodology

COVID-19: Get all the insights

Price: $0

No charge, funded by The Conference Board of Canada and/or the research sponsor

Browse by...
Need Help?