Rapid industry expansion has led to the territory being first in Canada in economic growth
Mining continues to play a pivotal role in Nunavut’s economy and that isn’t about to change anytime soon, according to Annie Cyr-Parent, director of minerals and petroleum resources for Nunavut’s Department of Economic Development and Transportation.
Cyr-Parent said a mixed economy is characterized by relatively large mining and public sectors, while other industries hold great potential for growth, such as fisheries, the arts and tourism.
She said economic development in the territory faces many challenges due to the lack of infrastructure, the high cost of reaching suppliers and markets, and a mismatch of skills in the labour market, resulting in high business costs, low employment rates and economic distortions.
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