Gary Vivian is president of the NWT/Nunavut Chamber of Commerce

Oct. 24, 1929 SA国际影视传媒淏lack ThursdaySA国际影视传媒� is memorable for it signalled the start of the Great Depression, an economic crisis that hurt many people.

On Nov. 15, the NWT suffered its own SA国际影视传媒淏lack ThursdaySA国际影视传媒� with the release of two reports.

First was the Conference Board of CanadaSA国际影视传媒檚 Fall Territorial Economic Forecast. CanadaSA国际影视传媒檚 trusted economic think tank stated: SA国际影视传媒渢he economic outlook for the Northwest Territories is less than rosy,SA国际影视传媒� and among the three territories, SA国际影视传媒渓eft behind is the NWT, where the economy is forecast to contract at an average annual pace of 1.6 per cent between now and 2025.SA国际影视传媒� ThatSA国际影视传媒檚 negative growth and the bleak outlook is due to a lack of investment. We haven't made the necessary expenditures to keep the mining cycle robust.

Coincidentally, on that same Thursday Canada revealed that the NWT has still not improved in attracting new mineral exploration investment, the very investment we need to keep our mining industry strong. Once again, NWT exploration is forecast to fall, marking 11 years now of continued poor investment.

All this comes on top of new GNWT statistics that show miningSA国际影视传媒檚 contribution to the economy has jumped from 31 to 37 per cent of our GDP. For perspective, we welcome tourism, but NWT diamond production is 10 times more than their recent record expenditures.

So what do we do to get off this downward path?

We need all of our leaders to recognize that we are all in this economic trouble together and they all need to weigh in together to fix it, and fast. WeSA国际影视传媒檝e already suffered 11 years of poor investment.

The NWT is a complex jurisdiction, with multiple governments and agencies who control the levers of the economy.

Federal, territorial and Indigenous governments SA国际影视传媒� and their regulatory boards SA国际影视传媒� control significant environmental and land claims processes and legislation, development policies, land access, infrastructure funding pots, and the rules and procedures under which development can occur, for just some examples. And all of them are responsible for vision.

Collectively, these folks have the ability and the responsibility to avert the economic crisis we are facing. ItSA国际影视传媒檚 up to them to put us on a healthier course.

What should their actions look like?

First, federal, territorial and Indigenous governments and their regulatory boards need to recognize that the NWT has a serious economic problem. ISA国际影视传媒檓 shocked to hear some people say they donSA国际影视传媒檛 believe what the economists are saying.

Second, NWT MLAs (those that arenSA国际影视传媒檛 anti-mining) need to support the GNWT in taking action to improve industry investment.

This means GNWT departments breaking out of their silos, working together and making investor confidence a common denominator to all of their work plans.

It means having the regulatory boards examine their policies and procedures to ensure they are supporting needs and abilities of investors, especially at the junior level to create some enthusiasm towards exploration.

And importantly, it means getting all to understand that when you go fishing, you use bait attractive to the fish, not the fisher. That means asking industry investors what they need to bring their money and expertise to the NWT, not telling them what they need.

And what is it that investors need?

WeSA国际影视传媒檝e shared thoughts with governments for several years now, and weSA国际影视传媒檝e posted them as SA国际影视传媒淎n Investment Guide to Governments and AgenciesSA国际影视传媒� on our miningnorth.com website.

If you want to help the NWT avert an economic crisis, tell your leaders youSA国际影视传媒檙e concerned and demand they take action to turn this around. DonSA国际影视传媒檛 let them SA国际影视传媒渉ope for a solution.SA国际影视传媒� Compel them to take steps to guarantee one. If they donSA国际影视传媒檛 believe itSA国际影视传媒檚 a crisis, quote some lines from the Conference Board projections:

Over the next 10 years, it will become more difficult to find work in the NWT.

There will be 1,600 fewer people working in the private sector by 2025.

Government revenues will suffer as labour markets cool.

Government costs will rise 3.2 per cent per year, while revenues will only grow 1.8 per cent.

This will affect all of us.

Like it or not, we are all in this together.