The Atlantic Provinces Economic Council is calling the regional impact of the pandemic the “biggest economic shock since WWII” and Newfoundland and Labrador is one of the hardest-hit jurisdictions in the country.

APEC says the Atlantic regional GDP will grow by 3 per cent in 2021, but the impact of COVID-19 and low oil prices continue to hit this province especially hard.

APEC’s director of major projects, Patrick Brannon, says mineral shipments will remain strong in the coming year, but he warns that tough fiscal decisions are ahead.

APEC expects real GDP to be down 6 per cent in this province this year, and it would have been much worse if not for higher oil production this year.

They forecast real GDP to rebound slightly in Newfoundland and Labrador in 2021, up 2.5 per cent with energy developments the prime risk factor.