NL Government: Premier’s Economic Recovery Team Releases Report
May 6, 2021
Today, Dame Moya Greene, OC, DBE, and Chairperson of the Premier’s Economic Recovery Team (PERT), submitted her report to the Honourable Andrew Furey, Premier of Newfoundland and Labrador. The report, titled “The Big Reset”, is a plan of action to respond to the province’s immediate fiscal challenges and plot a new course forward for strong economic growth.
The report outlines that the province’s fiscal situation must be brought under control now:
- Over the past decade the Provincial Government has continued to borrow money to meet its annual expenditures.
- Newfoundland and Labrador has the highest per capita revenues, expenditures, deficit, and net debt of any province in Canada.
- The province has the oldest population, highest unemployment, highest per capita healthcare spending and poorest health outcomes in the country.
“We have proposed a detailed, multi-year financial improvement plan. It is a balanced and measured approach, a combination of expenditure reduction, revenue increase and better use of our assets such that over the next five years, we will be out of this perilous situation,” said Dame Moya Greene, Chairperson of PERT.
Since October 2020, the Premier’s Economic Recovery Team has met with interested individuals, business leaders, associations, union leaders, not-for-profit organizations – some of whom have re-confirmed the facts of the provincial economic crisis.
The Big Reset proposes a six-year transformational roadmap to put the province on more sustainable financial footing by revitalizing the economy and identifying the changes required to get the province there by 2026-27. To do this, four strategic resets have been identified:
- Reimagining Government and Governance
- Transition to a Green Economy
- Social Compact Refocused
- The Financial Improvement Plan
The report offers paths forward, including Newfoundland and Labrador’s economic future in the green economy, noting that the province is well positioned to be a major player and global leader in Canada’s transition to a green economy.
“We have to drive economic growth by becoming a leader in what is the global challenge of our generation – the transition to a green economy,” said Greene. “Decisive action right now by the provincial government and by the people of the province is the only way to a stable future.”
Premier Furey appointed the Premier’s Economic Recovery Team in October, 2020 to explore growth sectors such as clean energy and investments in technology, review government expenditures, the province’s fiscal capacity, and how services are delivered.
Led by Dame Moya Greene, who is globally-recognized for her change-management skills, the team is composed of leaders in various sectors including technology, finance, oil and gas, and the public service, as well as a representative of the province’s Indigenous Peoples.
Over the last number of months, the team has met with interested individuals, business leaders, associations, not-for-profit organizations and union leaders and have prepared a comprehensive report which was presented to the Premier today.
– 30 –