The biggest issue facing the local business community is province’s growing deficit situation.

That’s according to the Employers’ Council of Newfoundland and Labrador.

The province’s revenue relies heavily on oil, and 2019 was a tough year for the industry.

Executive Director Richard Alexander says spending has to be addressed and there’s no doubt, the province has to get its fiscal house in order.

He says in 2019 the provincial government ran a nearly $1-billion deficit, going against the original plan towards smaller and smaller deficits. Newfoundland and Labrador is “going in the opposite direction.”

Alexander indicates that spending is “100 per cent” in the control of government, and 2020 will be a “pivotal” year.

The fiscal situation needs immediate action and strong leadership according to Alexander. The lack of action will continue to cause lack of confidence and lower business investment in Newfoundland and Labrador.