Shaping a path for growth and prosperity in Nova Scotia
Through the Economic advisory panel, Nova Scotia has to control its own economy destiny and in the global economy. It has to adopt a much more disciplined and strategic approach in order to take advantage of the opportunities new emerging in the global market and the success of this government will be determined by its willingness to make the tough choices that can move Nova Scotia along this path.
As I have read through the Economic advisory panel, the problems and opportunities Nova Scotia has faced are numeral. Even during the current recession, Nova Scotia has used short term stimulus spending to improve on the situation caused by the recession and still other areas of the world like the Asian nation have still remained dominant. This can be due to the high saving factor that is in the Far East. Now we have to focus on the longer term opportunities and challenges facing the province and the steps needed to enhance the climate for growth in the province.
As I have read through the Economic advisory panel, this is some of the challenges the province is facing:
Increased competition from low wage producers elsewhere and employment losses in communities beyond Halifax and this has resulted in the loss of population, the migration from rural to urban areas of the provinces and even to migration to other parts of Canada and beyond
Lack of Government funding in the regional development programs in the 1990 and Nova Scotia’s high dependence on federal spending.
The employment and trade of Nova Scotia also been affected with the Mistime Lumber industry benefiting in the 1990’s from the US but output reducing by 2004 and the emergence of online support affecting the operations in call centers that accounted for 30% of the net employment of Nova Scotia.
Employment in the province has dropped 20% in 2006
Nova Scotia’s economy runs mainly on a service sector accounting for 76% of the GDP and 80% of employment I n the province.
Nova Scotia is one of the most rural provinces in Canada and its capital, Halifax accounts for 42% of the ‘province’s population and 46% of its labor force. 60% of the province’s live within an hour of the city and this means that Halifax is an important sector of the province’s economy and the needs for second tier cities to grow faster for the development of the provinces economy.
Another challenge facing the province is the rapidly aging population and the drop in the birth rate and steady outmigration of the younger people of nova Scotia and increasing reduction of student enrollment (15-19) age group and although the government has increased spending in the education sector for the economy through the expansion of community colleges and the funding of universities, . This has come at a time when the student enrollment has reduced rapidly. Although on the upside, the retirement of a large cohort of baby boomers is leaving plenty of room for young people to enter the...