Economic Growth in
Y
to Surpass Rest of Can
N
ew developments in the
mining sector are helping
to make Yukon and Nuna-
vut economic growth leaders over
the next few years, according to The
Conference Board of Canada's latest
Territorial Outlook. Meanwhile, chal-
lenging times are on the horizon for
the Northwest Territories as it faces a
maturing diamond industry.
"While the mining sector has been
more cautious in this upswing cycle
than in the past, there are still several
mining projects that are advancing
through the approval process and will
bolster economic growth and employ-
ment opportunities in the northern
territories over the next few years,"
said Marie-Christine Bernard, Direc-
tor, Provincial and Territorial Forecast,
The Conference Board of Canada.
Fuelled by the construction and oper-
ation of new mines, economic growth
in the territories as a whole is forecast
to average 4.7 per cent in 2019 and
4.5 per cent in 2020—easily outpac-
ing the forecast Canadian average of
below 2 per cent growth.
Between now and 2025, Nunavut's
economy will grow by an average of
4.6 per cent per year, higher than any
other territory or province, while the
economy of the Northwest Territories
8 BUSINESS ELITE CANADA | JANUARY 2019
