Atlantic Provinces Unite for Economic Growth
A group of business leaders in Eastern Canada are calling for a 'single economy' between Atlantic provinces, which they believe will boost economic output above the national average. This idea is part of a report by a panel of experts that highlights several challenges facing the region, including low productivity, labor shortages, and complex regulations.
The report states that Atlantic Canada's gross domestic product growth has underperformed compared to the national GDP by one percent per year for three decades. The panel recommends creating a 'One Atlantic Canada' agenda, which would bring the provinces together to function as one economy for its 2.7 million residents.
The goal is to remove trade and labor mobility barriers between provinces and present major investment opportunities through a single regional platform. The report also calls for delivering at least half of all major infrastructure projects through regional partnerships, ensuring workers' credentials are recognized across the region, and creating an integrated electricity system managed by a region-wide independent system operator.
This would require significant investment, with the panel suggesting $25 billion is needed to establish the integrated electricity system. The report also recommends growing the region's population to over three million people, doubling exports to Europe, and mobilizing $100 billion in new investment to increase the value of Atlantic Canada's natural resource economy by at least 50 percent.