Pedro Antunes and Conference Board Canada,

Conference Board Canada,: The Conference Board of Canada Deputy Chief Economist, Pedro Antunes, says the province faces challenges around an aging population and a declining workforce, according to CBC. Antunes said this province did "phenomenally well" in the decade from 2003-13, with wages alone going up by 43 percent - compared to two-and-a-half percent in Ontario. The report, authored by The Conference Board of Canada, says the province needs to be more competitive and it includes several key recommendations in areas such as innovation, education, immigration, investment and government policy. "Oil brought an economic boom to Newfoundland and Labrador, but that boom is ending, which means the province will not be able to rely as heavily on this industry to drive economic growth or fund government program spending," said Pedro Antunes, Deputy Chief Economist of The Conference Board of Canada. "Focusing on improving the province competitive business environment will help mitigate some of the negative effects." The report, Achieving Sustainable Prosperity: Benchmarking the Competitiveness of Newfoundland and Labrador, compares the province competitive performance to its closest competitors in such areas as innovation, labour market, and the business environment. But he was quick to add that the wealth generated by offshore oil is masking several fundamental problems. Not only are you seeing a decline in GDP, but that means very weak government revenues and an aging population that requires health care and other services," Antunes said. The province has the oldest population in Canada and is not attracting enough immigrants to replace retiring workers, so Antunes predicts a decline in our labour force. "That going to be the number one challenge I think for the province. (www.immigrantscanada.com). As reported in the news.