The territorySA国际影视传媒檚 immediate economic forecast is looking good, with very high growth in the next four years, though it must overcome challenges in the longer term, such as graduating more students from high school and finalizing a land-use plan.

This is according to the Government of NunavutSA国际影视传媒檚 senior economist Francois Picotte, who spoke at the Nunavut Mining Symposium April 3.

In 2019, investment in the mining sector is expected to reach roughly $1.4 billion, slightly lower than in 2018. But Picotte says thatSA国际影视传媒檚 likely to grow by roughly half a billion each year for the next few years.

At the moment, the government is the largest contributor to the gross domestic product, which translates into all the good things in life SA国际影视传媒� jobs, food, and health, said Picotte. The Government of Nunavut

Looking to 2022, SA国际影视传媒渨e have mining trading places with government in terms of the weight that it has in the economy,SA国际影视传媒� said Picotte.

SA国际影视传媒淚tSA国际影视传媒檚 pretty much a straight-line growth for the next four years, mostly predicated on (mine) production increasing.SA国际影视传媒�

Bank of Canada governor Stephen Poloz, who kicked off the symposium April 1 with a talk about the challenges faced by the Canadian economy, holds a similar view on the territorySA国际影视传媒檚 economy. Responding to the bleak description of NunavutSA国际影视传媒檚 economy by Iqaluit businessman Stuart Kennedy, Poloz said NunavutSA国际影视传媒檚 economy is one of a young economy, calling Kennedy SA国际影视传媒渁ltogether too gloomySA国际影视传媒�.

SA国际影视传媒淚 say young in an economistSA国际影视传媒檚 measure of time. When a young economy starts off they have natural resources and they have people, and it will always seem to them theySA国际影视传媒檙e getting most of their stuff from somebody else. But itSA国际影视传媒檚 all money being generated. Through transfers, which, of course, is part of the system, and also through real production, which is growing,SA国际影视传媒� said Poloz.

SA国际影视传媒淢y staff estimates up to a nine per cent growth rate for the economy this year. ThatSA国际影视传媒檚 pretty spectacular stuff. ThatSA国际影视传媒檚 not some fiction, thatSA国际影视传媒檚 real. And those things are things that are being exported. Every ingot of gold that goes out is an export, so is every load of iron ore. That generates real money. And every service that an engineering firm performs or every time a tourist comes in and goes out on a dog sled ride or stays in a hotel, thatSA国际影视传媒檚 you exporting your scenery, the quality of life, the great food SA国际影视传媒� itSA国际影视传媒檚 real business.SA国际影视传媒�

Poloz said another measurement is inflation, and at three per cent or more, NunavutSA国际影视传媒檚 is almost double CanadaSA国际影视传媒檚.

SA国际影视传媒淲eSA国际影视传媒檙e all in the same Canadian dollar area and that is symptomatic of the fastest growing part of that collective we know as Canada,SA国际影视传媒� he said.

In fact, in his presentation, Picotte noted NunavutSA国际影视传媒檚 import/export ratio is better than ever, and will continue to improve as mine production rises. In 2008, for every dollar made on exports, $10.6 was spent on imports. In 2017, for every dollar made, $1.9 was spent. As mining production increases, that ratio will balance out.

Nunavummiut must be educated and trained

Picotte said that while employment is at an all-time high in Nunavut, the fact remains many jobs are occupied by people from outside the territory SA国际影视传媒� SA国际影视传媒渁vailable to Nunavummiut but Nunavummiut are not trained, yet.SA国际影视传媒�

SA国际影视传媒淏ut employability is on the rise. We like to think this will change, or things are getting a bit better to some extent. That starts with being able to graduate more people from high school,SA国际影视传媒� said Picotte.

When Nunavut became a territory, graduation rates were low.

SA国际影视传媒淲eSA国际影视传媒檙e talking about education. WeSA国际影视传媒檙e talking about employability. More graduates is a positive thing for the long term. If we can keep increasing, and even if we donSA国际影视传媒檛, just the fact that weSA国际影视传媒檙e at 48 per cent is amazing improvement from where we were before. We were at about 20 to 30 per cent (in 2000). At 48 (per cent), that means a lot more people entering the job market with more ease,SA国际影视传媒� said Picotte.

He called secondary education the lowest hanging fruit to generate economic development.

SA国际影视传媒淭hereSA国际影视传媒檚 no cost to this fruit. The education is already paid. The seat of the student who doesnSA国际影视传媒檛 go to school, who doesnSA国际影视传媒檛 graduate is already paid for,SA国际影视传媒� he said.

SA国际影视传媒淭he teacher is paid for, the heating. Everything.SA国际影视传媒�

In one graphic, Picotte demonstrated that regional graduate rates begin to increase when mining projects move into development phase, such as Agnico Eagle mineSA国际影视传媒檚 Meadowbank project near Baker Lake.  He said the recent slight increase in graduation rates in the Kitikmeot and Qikiqtani regions could also be linked to increased mining activity with TMAC and Baffinland respectively.

SA国际影视传媒淲hen you see relatives going back and forth with the mine, as a student, it is inspiring,SA国际影视传媒� said Picotte.

The symposium board of directors, with youth in mind, launched a new initiative this year. Youth ambassadors, two from each region, were brought to Iqaluit to learn all about the industry at the week-long event. Some work at mines, some donSA国际影视传媒檛 SA国际影视传媒� but they were put in the hot seat April 4 to share their experiences, knowledge and ideas with representatives of the mining industry.

Similarly, the hosted an education session, to have the conversation on how to link 3,000 of NunavutSA国际影视传媒檚 9,000 unemployed with mining jobs. Director of Inuit training programs for Nunavut Tunngavik Inc. Adeline Salomonie, representing the , president of Nunavut Arctic College Pauloosie Suvega and executive director of Laura Clinton were on hand to discuss ongoing education and training efforts and plans.

Lack of land-use plan may hinder exploration

Exploration is down in the territory, and some speculate this is due to uncertainty related to

SA国际影视传媒淭hat stopped in 2017. We donSA国际影视传媒檛 know exactly for sure why, but thereSA国际影视传媒檚 different speculation. The territorial outlook from the Conference Board of Canada stated last year that we have SA国际影视传媒榣and-use issues.SA国际影视传媒� The third (draft) version of the land-use plan was published in 2016. Is this the only cause? Some people would say yes, some people would say no,SA国际影视传媒� said Picotte.

SA国际影视传媒�(Last year) we were told a land-use plan SA国际影视传媒� wouldnSA国际影视传媒檛 come until 2022,SA国际影视传媒� said Picotte.

That date has since been corrected to 2020. Picotte says that date offers hope in terms of exploration.

In his talk, Poloz noted trade deficits are a symptom of a developing economy.

SA国际影视传媒淲hat happens is capital flows in in investments, in gold mines or whatever, and thatSA国际影视传媒檚 the basis on which the thing balances out. The day you lose your attractiveness to investors, thatSA国际影视传媒檚 when you should be concerned the story is over SA国际影视传媒� but I think youSA国际影视传媒檙e very far from that,SA国际影视传媒� he said.