February 12, 2014 9:45 am
Updated: February 12, 2014 6:34 pm

Report says Nova Scotia could face population loss, economic decline

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HALIFAX – A new report on economic development in Nova Scotia says the province is doomed to endure an extended period of decline unless population and economic trends are reversed.

The report, written by a panel led by Acadia University president Ray Ivany, says the province’s economy is barely able to support its standard of living.

The commission was created by the NDP government in the fall of 2012 and is being led by Acadia University president Ray Ivany.

But the report says there is also reason to be optimistic, pointing to the province’s strong entrepreneurial class.

The report, called “Now or Never: An Urgent Call to Action,” says the government and business community need a shared vision to turn things around.

It also said the province needs to become home to more business start-ups and double its annual tourism revenue to $4 billion.

Watch: According to the report, one of the key steps to improving the province’s economy is growing its population. Global’s Mayya Assouad reports.

The panel came up with 12 strategies including expanded immigration, enhanced research and development and revitalization of traditional rural industries.

The commission was created by the NDP government in the fall of 2012 and involved a series of community sessions across the province.

An economic study released last fall by the Royal Bank said the province had one of the lowest economic growth rates in the country.

Read the full report below:

*with files from Global News’ Brett Ruskin

© 2014 The Canadian Press

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