The global recession that has rapidly taken root in the past year threatens to leave no nation, province, or territory unscathed. Canada’s economy is already being battered by job losses, shrinking GDP, rising bankruptcies, a slowing housing market, and the return of public fiscal deficits. Thanks in large part to the oil sector, the economy of Newfoundland and Labrador has been more resilient to the current recession than most other Canadian provinces. But the effects of the global recession do not stop at the border, and new pressures are quickly coming to bear.
Download the Federation’s discussion paper: Newfoundland and Labrador – Weathering the Storm?