Download Conference Board of Canada Report

NLEC releases Conference Board of
Canada Report Benchmarking NL against
Competitors
The NL Employers' Council (NLEC) released key findings of a Conference Board of Canada study that
examines Newfoundland and Labrador's strengths and weaknesses relative to its closest competitors
today at the Sheraton Hotel. The study, Achieving Sustainable Prosperity: Benchmarking the
Competitiveness of Newfoundland and Labrador, was commissioned by the NLEC to generate
recommendations to improve the competitiveness of NLs business environment to in order to grow the
economy and sustain prosperity.
“Private sector business is the engine that drives our economy. Creating a more competitive business
environment will create jobs and contribute to long term prosperity for all Newfoundlanders and
Labradorians,” said Richard Alexander, NLEC Executive Director. “It is time for Newfoundland and
Labrador to look outside our borders and aim to improve our economic and business environment not just
in absolute terms, but in terms of our direct competitors.”
The Conference Board grades NLs competitive performance against nine national and international
competitor jurisdictions in the areas of innovation, investment, education and skill level, labour market and
the business and policy environment. The report provides a "reality check" for the province and indicates
that some economic restructuring is needed to maintain productivity growth and sustain economic
prosperity for future generations. The report shows that while our province has come a long way, we are
lagging behind our direct competitors, scoring in the bottom half on 21 out of 32 indicators.
The NLEC has chosen seven policy recommendations generated from the report that the organization
has asked government to address starting in the upcoming provincial budget. They are:

Allocate more resources towards immigration

Remove trade barriers

Increase public investments in infrastructure

Reduce program spending by reorganizing and reducing the size of the public service

Improve outcomes in government programs, particularly education

Maintain competitive taxation

Return to surplus budgets, pay down debt and establish a Sovereign Wealth Fund by 2018
To read the full report visit: http://www.conferenceboard.ca/e-library/abstract.aspx?did=6956