A Quebec-based think tank says Newfoundland and Labrador has had a difficult decade, but the years ahead will be even harder.
The Montreal Economic Institute (MEI) says Newfoundland and Labrador’s debt-to-GDP increased by 14 percent between 2015 and 2024.
It says the debt-to-GDP ratio will increase by 1.5 percentage points each year for the next 25 years, saying it would be difficult to curb the trend using economic growth on its own.
Report author Trevor Tombe says the province will need to find a better way to control spending and improve public-service efficiency going forward.
