Atlantic Provinces Unite: Business Leaders Push for Single Economy

A group of business leaders in Eastern Canada is calling for a 'single economy' between the Atlantic provinces, which could make the region one of the country's most prosperous areas. The Atlantic Economic Panel, made up of seven well-known executives and entrepreneurs, released a report that outlines recommendations to boost economic output above the national average.

The panel says Atlantic Canada's gross domestic product growth has underperformed compared to the national GDP by 1% annually for three decades. To address this issue, the panel advocates for creating a 'One Atlantic Canada' agenda to bring the provinces together as one economy for its 2.7 million residents.

The plan involves removing trade and labour mobility barriers between provinces and presenting major investment opportunities through a single regional platform. Other key recommendations include delivering at least half of all infrastructure projects through regional partnerships, creating an integrated electricity system managed by a region-wide independent operator, and growing the population to over 3 million people.

However, implementing these changes will require significant investment, with some estimates reaching as high as $25 billion for the electricity system. The panel also suggests creating a private sector Atlantic Prosperity Fund worth $1 billion to support economic growth.