Business organizations from across the territory have published an open letter calling for action on economic growth and Arctic security across the Northwest Territories.
Representing businesses from across the economy, the letter was signed by the Yellowknife Chamber of Commerce, the N.W.T. Chamber of Commerce and the N.W.T. & Nunavut Construction Association.
Recent data from the N.W.T. Bureau of Statistics show the territory’s inflation-adjusted gross domestic product has changed very little since 2002, peaking in 2007 and largely declining since then. In comparison, the economies of Yukon and Nunavut have seen growth in the same period.
Gross domestic product measures the value of all goods and services produced in an economy and is often used to gauge economic health and opportunity. A growing GDP indicates an economy that can support investment and provide opportunity, while a stagnant GDP can mean increased reliance on federal support and reduced ability to shape its own future.
The letter calls on governments, Indigenous leaders, regulators and community partners to take collective responsibility for reversing decades of economic stagnation and positioning the Northwest Territories for long-term growth, stability and resilience.
“This is not just a call to industry leaders, but to every government, Indigenous, regulatory, NGO and not-for-profit leader across the Northwest Territories,” the letter states. “It is time to take control of our economic destiny; to grow our economy, generate our own revenues and position the Northwest Territories to become a net contributor to Canada while improving quality of life for residents.”
The full letter has been shared with territorial and community leaders, as well as Indigenous governments. The full text of the letter is available on the Yellowknife Chamber of Commerce advocacy page.
