New mines will mean strong economies in Yukon and Nunavut until 2025, Conference Board of Canada says
Good times are in store for Yukon and Nunavut in the coming years, according to a new economic analysis by the Conference Board of Canada. N.W.T., not so much.
The board’s economic forecast for the territories, released Thursday, predicts strong growth in Yukon and Nunavut between now and 2025, saying the two territories will outpace much of the country in terms of growth. The N.W.T.’s economy, however, is expected to contract over that period, making that territory one of the weakest economic performers in the country, the board says.
The territorial forecast is based on a number of factors, including government spending, consumer behaviour, and population trends, but the main determinant for northern economies is still mining activity.
Both Yukon and Nunavut are expecting mines to open or expand operations in the next few years, while the N.W.T. will see comparatively little growth.
Yukon: New mines, low unemployment
The Conference Board says Yukon’s economy is expected to grow faster than almost any other province or territory over the next few years, largely thanks to two new mines that will go into production: Goldcorp’s Coffee Gold project near Dawson and Victoria Gold’s Eagle project near Mayo.
For the rest of this article: https://www.cbc.ca/news/canada/north/conference-board-report-territories-economy-1.4908016