Thank you, Mr. Speaker. Mr. Speaker, during this session, and all throughout this term for that matter, I've talked about the economy and about the need for our government to put greater emphasis on the economic recovery for the people of the NWT.
Mr. Speaker, when I talk about the economy and economic recovery from the effects of the pandemic I you refer to the economy as a whole, to all sectors, to large and small businesses alike within the NWT. We cannot focus on any single industry alone. We must consider the big picture and envision the longterm goals of what we want to achieve overall. We need to think big and we need to do all that we can do to bring back and revitalize areas of our economy that have faltered in recent years.
Mr. Speaker, we need to welcome back all sectors of the economy into the NWT. No economic sector should be blocked from pursuing business interests within the NWT. All areas need to be welcomed back with open arms. Simply put, we need to open the NWT up for business.
We need to rebuild's international reputation as a desirable location to do business. For the last several years, the NWT has been the only northern territory to experience a decline in our GDP levels. Both Yukon and Nunavut have had steadily increasing levels of their gross domestic product than the NWT has. This needs to change.
The NWT cannot remain as an outliner among Canada's territories as a negative economic output as we currently do.
Mr. Speaker, exports, imports and business investment for the NWT all continue to trend downward. Government spending continues to be the bulk of the economy for the NWT, which is not sustainable at all. The NWT cannot rely solely on government for economic activity. The economies of all provinces and territories around the NWT are doing very well for themselves so why can't we be doing the same? How is that the Yukon and Alberta can balance their budgets yet we can barely achieve an operating surplus for the NWT?
Mr. Speaker, I seek unanimous consent to conclude my statement.
Unanimous consent granted
Mr. Speaker, among the issues that the NWT faces is a lack of revenue and a large amount of spending. The government renewal initiative will likely help to cut some our spending and may help create more efficiencies of our programming. However, we need to be doing more than thinking out of the box for our economy.
Mr. Speaker, we need a strong and diverse economy that can withdraw a storm like COVID19. If our provincial and territorial neighbors can come out of this pandemic stronger than before, then so should the NWT. I will have questions for the Minister of Finance at the appropriate time. Thank you, Mr. Speaker.
Thank you, Member for Thebacha. Members' statements. Member for Hay River South.
