The rocky shores of Nova Scotia and the dense forests of New Brunswick hold more than just picturesque landscapes – they represent untapped economic potential that could transform Atlantic Canada’s financial future.
That’s the message coming from prominent economists and policy experts who gathered at the Atlantic Economics Forum last week in Halifax. Their consensus? Atlantic provinces must accelerate resource development to address persistent economic challenges and population decline.
“We’re sitting on incredible natural assets while watching our young people leave for opportunities elsewhere,” explained Dr. Marie Landry, economist at Dalhousie University. “Responsible resource development isn’t just an option for Atlantic Canada – it’s becoming an economic imperative.”
The region faces a complex economic landscape. While Halifax continues to experience technology sector growth and St. John’s benefits from offshore energy, rural communities throughout New Brunswick, Prince Edward Island, and parts of Nova Scotia and Newfoundland struggle with aging demographics and limited employment opportunities.
Statistics Canada data reveals Atlantic Canada’s GDP growth has consistently trailed the national average by 0.7 to 1.2 percentage points annually since 2010. Meanwhile, interprovincial migration statistics show a net outflow of working-age residents, particularly those between 25-39 years old.
Former New Brunswick Premier Frank McKenna, who participated in the forum’s keynote panel, didn’t mince words: “We’ve become increasingly hesitant about developing our natural advantages. Meanwhile, the economic gap between Atlantic Canada and the rest of the country continues to widen.”
McKenna pointed to several stalled or controversial resource projects across the region, including mining operations in northern New Brunswick, offshore exploration limitations, and forestry management disputes.
The Atlantic Provinces Economic Council estimates that approved resource projects currently under consideration could generate 12,000 direct and indirect jobs across the region and add approximately $3.8 billion to provincial GDPs over the next decade.
However, environmental advocates present at the forum emphasized that resource development must occur within strict sustainability frameworks.
“This isn’t about returning to boom-and-bust extraction economics,” noted Catherine Williams of the Atlantic Climate Coalition. “Any development strategy must prioritize long-term environmental stewardship and ensure benefits flow to local communities, not just corporate interests.”
Several speakers highlighted successful models from other jurisdictions, particularly Norway’s sovereign wealth approach to oil revenues and Finland’s sustainable forestry practices.
“The false choice between environment and economy needs to be rejected,” argued Dr. Thomas Arsenault, resource economist at Memorial University. “Modern resource development, when properly regulated and managed, can generate prosperity while maintaining environmental integrity.”
The forum also addressed the critical role of Indigenous partnerships in future resource development. Chief Matthew Bernard of Abegweit First Nation emphasized that meaningful consultation and economic participation must be foundational to any development strategy.
“First Nations aren’t opposed to development – we’re opposed to being excluded from the planning, benefits, and decision-making,” Bernard explained. “True economic reconciliation means shared prosperity and environmental responsibility.”
Forum participants acknowledged the challenges of public perception around resource projects, particularly following high-profile controversies like the Northern Pulp mill closure in Nova Scotia and hydraulic fracturing debates in New Brunswick.
“We need to rebuild public trust through transparency, stringent environmental standards, and genuine community engagement,” suggested Patricia Morrison, Senior Fellow at the Atlantic Institute for Market Studies. “That means industry must demonstrate commitment to practices that go beyond minimal compliance.”
The economic strategy discussion extended beyond traditional resources like mining, forestry, and energy. Several panelists highlighted emerging opportunities in sustainable aquaculture, renewable energy development, and value-added processing that could modernize the region’s resource economy.
“Atlantic Canada has the potential to become a global leader in green resource innovation,” said James Peterson, CEO of Ocean Technology Atlantic. “Our maritime heritage combined with research institutions like Ocean Frontier Institute positions us perfectly for sustainable blue economy leadership.”
Federal funding mechanisms also received significant attention, with forum participants critiquing what many described as an uneven playing field compared to other regions. The per capita federal investment in critical infrastructure remains lower in Atlantic provinces than the national average, according to data presented at the forum.
“If we’re serious about developing our resources, we need transportation networks, energy systems, and digital infrastructure that can support competitive industries,” noted Shelley Martin, president of the Atlantic Chamber of Commerce.
As the three-day forum concluded, participants drafted policy recommendations for provincial governments, including streamlined regulatory frameworks, enhanced investment in technical education programs, and dedicated resource development coordination offices.
Whether these recommendations translate into concrete policy changes remains to be seen, but the message from Atlantic Canada’s economic thinkers is clear: the region’s path to prosperity may well be paved with responsible resource development – if political will and public support align.
