St. JOHN’S — The Rock will need to be as tough as one in order to survive the deepening worldwide recession.
According to a provincial forecast report by RBC, Newfoundland and Labrador will be among the hardest hit provinces in the country if the recession worsens.
RBC forecasts that the province’s GDP will drop by 1.2 percent in 2009, the highest of any province in the Atlantic region.
Falling oil demand and production — a growing sector on the Rock the last 10 years — as well as paper mill closures are the main reasons Newfoundland could bear a disproportionate rate of the burden.
Alberta’s slide is expected to sink the fastest for much of the same oil-related factors, while Ontario and Quebec will continue to be affected by manufacturing declines.
Only Nova Scotia, Saskatchewan and Manitoba will see any growth in 2009, says RBC.
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