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Introduction

Background and Context

As we enter the 21st century, we enjoy the benefit of economic momentum that we have not experienced in some time. This comes on the heels of unprecedented challenges thrust our way over the past decade. The most significant of these, unquestionably, was the collapse of the groundfish industry and the resulting moratorium in 1992. This event had a profound economic and social impact on the entire province. It forced us to reconsider our future as never before.

But we are a resilient and a creative people. We confronted the challenges head on with a renewed sense of determination and we are now harvesting the benefits.

" What is needed now is a renewed plan which will build on the successes we have already achieved and take us forward into the 21st century."

- Premier Tobin,
September 1999

Today, we are leading the country in economic growth. New job creation has been strong. Unemployment in the province as a whole has fallen substantially. New investments in our economy are at historic highs. The net out-migration trend has been reversed and is slowing significantly. Exports are expanding rapidly. Our fiscal house has been put in order. And the economy is becoming much more diversified than it was even five years ago.

However, significant challenges remain. We need to bring the unemployment rate down even further. We need to continue to address the out-migration situation, especially among our youth. We need to ensure that all regions of this province share in the recovery of our econ-omy. We also need to ensure that all our people have an opportunity to participate productively in the economy that they have meaningful jobs and the ability to provide for themselves and their families.

Renewing the Economic Agenda - Jobs and Growth

This is why the Government of Newfoundland and Labrador embarked on a process in the fall of 1999 to renew the province's economic agenda – more commonly known as the jobs and growth agenda. The goal is to build on our momentum and to re-energize our efforts to ensure this momentum is not lost. It is critical that the province keep pace with and adapt to the ever changing global economy. We must reach out and secure the opportunities that are presently before us and look ahead to capture new opportunities that are emerging. We must ensure our long-term strategy remains sound, effective and clearly focused. We must also ensure that all of our people share in our progress.

This report outlines the major themes and key messages we heard throughout the consultations and focuses on the strategic priorities that government intends to pursue as part of its renewed framework for jobs and growth. It builds on an Interim Report that was released in March 2000.

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