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New Brunswick is struggling with a productivity crisis. To address this challenge, UNB hosted a diverse panel of experts in the second part of a discussion to explore strategies to create a more competitive economic landscape through technology, education, energy and infrastructure investments.

A panel of experts gathered on May 12 at the Wu Conference Centre on the University of New Brunswick’s (UNB) Fredericton campus to offer solutions to a productivity crisis that is holding the province back.

Boosting Productivity: Working Together to Drive Change was the follow-up to a previous Shaping the Debate discussion on March 11, which identified the causes of productivity stagnation in New Brunswick. This time, solutions were the focus.

Speaking to an audience in Halifax a little over a year ago, Carolyn Rogers, the Senior Deputy Governor of the Bank of Canada, raised the alarm, calling Canada’s low productivity ‘an emergency’ and urging us to recognize that it was time to ‘break the glass.’

“Indeed, it is on fire. We need to fix it,” said UNB president and vice chancellor, Dr. Paul Mazerolle, in opening the well-attended event.

“The economic well-being of our country and region has come under further threat as our most significant trading partner continues to shift the rules of the game and threaten the viability of Canadian industries and businesses on a daily basis,” he said.

In his opening address to the audience and panellists, Luke Randall, MLA for Fredericton North and Minister responsible for Opportunities NB, Economic Development and Small Business, NB Liquor and Cannabis NB, said that the province’s gross domestic product (GDP) growth is expected to be a mere 0.6 per cent next year. He said understanding this was crucial to improving economic standing and increasing GDP.

Tracy Bell, executive director of UNB’s Wallace McCain Institute, moderated the panel consisting of Randall; Dr. Diane Botelho, CEO of the RPC (Research and Productivity Council); Dr. Herb Emery, Vaughan Chair in Regional Economics at UNB; Monica Gaudet-Justason, CEO of the New Brunswick Business Council; Kalie Hatt-Kilburn, vice president for the New Brunswick region of the Atlantic Canada Opportunities Agency; and Adrienne Oldford, executive director, The McKenna Institute.

Panellists highlighted New Brunswick’s strengths, including a robust ocean-based economy, advanced cybersecurity capabilities, natural resources potential and the presence of existing multinational companies that could anchor broader economic development and exports.

Cybersecurity, in which UNB is a leader, was seen as a prime example of how targeted investment can create superior capabilities. The importance of technology, connecting small and medium businesses with tools like artificial intelligence, is a key growth driver.

Panellists stressed the need for a cultural shift to a more competitive mindset, identifying this as perhaps the most critical barrier to overcome as a starting point to necessary economic transformation.

Nonetheless, social licence for change must be obtained through education and combatting misinformation. Indigenous nations were seen as important development partners, given their historical exclusion.

Interprovincial trade was addressed as another significant opportunity, with the potential for bilateral agreements that could open new markets for New Brunswick businesses, although a Canada-wide interprovincial free trade agreement would be ideal.

The group emphasized creating supportive policies that help smaller companies scale and compete nationally. If not, companies would set up shop in provinces where government might provide more advantages, such as lower taxes and energy costs. Businesses need to think beyond local markets and embrace growth opportunities for markets outside of New Brunswick.

They proposed a multi-pronged approach to economic development, emphasizing the critical need for strategic partnerships. Indigenous nations were also identified as important development partners.

Solutions focused on aligning education with industry requirements, supporting emerging businesses, and creating more flexible collaboration models between government, post-secondary institutions and businesses.

Key recommendations included developing targeted economic strategies that prioritize competitiveness and productivity. The panel suggested a proactive approach to identifying and supporting promising businesses (including existing large enterprises), specifically scaling local companies and attracting outside investment.

The vision was clear: We must transform New Brunswick from merely a place to live into a dynamic environment where businesses can thrive and realize economic potential through collaborative strategic efforts.

All panellists expressed optimism as the discussion wasn’t about lamenting the many real challenges but strategically addressing them.

“This isn’t a policy issue,” said Bell in conclusion. “This is an all of us issue.”