Atlantic First Nations firms and communities are facing unprecedented losses of revenues due to the Covid-19 pandemic and will continue to feel the economic effects for the next two to three years.
• Only 8% of Indigenous businesses can continue to operate for one year without support due to
• 2 out of 5 Atlantic Indigenous businesses expect a 50% drop in revenues.
• Indigenous communities have less access to liquidity to finance deficits, these limit borrowing
ability for Indigenous communities.
Atlantic Indigenous businesses and communities are not immune from the economic dislocation sweeping across the region and nation due to COVID-19. The federal government has announced specific Indigenous funding as part of a broader package of support measures to respond to the economic crisis. However, given the pre-existing vulnerabilities facing Indigenous communities and businesses, the current support may be inadequate.
"The Atlantic fishing industry has changed dramatically since the cod crisis of the early 1990s. The shift from groundfish to shellfish has been accompanied by increased globalization, with larger imports for processing and exports diversifying to non-traditional markets. "
"Atlantic Canada’s aquaculture industry continues to expand significantly due to new investment. This Report Card by APEC examines the growth of the industry and the challenges facing it in the future."
In the past two years, APEC has produced reports on the economic impact of the forest industries in Nova Scotia and New Brunswick. Firms in this industry, one of the most significant in the region, face an increasingly complex environment. This article highlights key findings of the two reports, with data updated to the most recent year and coverage extended, where possible, to the four Atlantic provinces. The value of forest-related activity in the Atlantic provinces in 1998 was over $1.3 billion.
The forest industry is a key component of New Brunswick’s economic base but its contribution is a risk due to limited fibre supply. This report provides a detailed assessment of the industry’s current economic impact and estimates the potential economic impact of proposals to increase the wood supply from Crown land.
Atlantic Canada’s forest industry is contracting as a result of intense global market pressures. Between 2004 and 2006 the number of firms in Atlantic Canada’s forest industry dropped by 11% while the industry shed more than 8,000 jobs. This 24% decline in employment is more than double the 11% drop nationally. Despite these losses, the forest industry remains a crucial part of Atlantic Canada’s economy, currently accounting for about 15% of international merchandise exports and contributing 4.5% of total GDP in 2005.
In early November 2010, the Atlantic Provinces Economic Council (APEC) held its 16th annual Business Outlook conference. In this report, we feature the event's keynote and industry leaders who outlined the key opportunities and drivers shaping Atlantic Canada's energy future. The report also includes a summary of the address by APEC President Elizabeth Beale on whether a new era of regional energy cooperation is dawning in Atlantic Canada.