Yukon has fared well in the world’s current economic climate.
Since markets crashed in 2008, most regions in the world have experienced a steady decline in economic growth, job loss, and uncertainty.
Thanks to sound planning, strategic policies and concerted efforts our territory has experienced growth, increased employment, and our residents have had significant economic opportunities during a time of global recession.
We have not only weathered the storm better than most, we have flourished through it.
While times have been good, Yukon is not immune to global market forces. Following the unprecedented mineral exploration levels of 2011 and high mineral prices, we are seeing an overcorrection in some mineral prices such as silver that have led some investors to take cautious measures that have included project delays and limited layoffs.
Although confidence in Yukon remains high, we must always be looking forward.
In an effort to ensure Yukon’s economy remains strong as possible, Yukon government will continue to take steps that have helped our economy grow. We will continue to attract investment capital and conduct trade missions in target markets including the United States, Europe, and Asia. Over the years these efforts have yielded significant economic benefits to Yukon, including direct flights from one of Germany’s largest cities, and increased foreign direct investment.
We will also continue to promote Yukon as an attractive jurisdiction for mining and other business investment. This means maintaining a competitive royalty and tax regime, and ensuring that our core infrastructure – roads, bridges, water, sewer, airports, and energy – is well constructed and well maintained to support both residents and businesses.
While we recognize that mining will continue to be a cornerstone of our economy, we will continue with efforts of economic diversification. This will mean continued investment of millions of dollars in other economic sectors such as tourism, forestry, agriculture, oil and gas, and knowledge-based industries like the information, communication and technology sector.
Our success should not be taken for granted. We need to remain vigilant in our promotion of our resources, maintain a business-friendly economic climate, and continue to take careful yet decisive action to responsibly grow the Yukon’s economy.
Through our continued efforts, we are confident that Yukoners will continue to meet and overcome any challenges we may encounter.
Minister of economic development