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.
Achieving Sustainable Prosperity: Benchmarking the Competitiveness of Newfoundland and Labrador
Achieving Sustainable Prosperity: Benchmarking the Competitiveness of Newfoundland and Labrador
Immigration Research and Policy
Industry Economic Analysis
Provincial Economic Analysis
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- 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.
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