The new year is upon us as 2009 closes out, with the outlook for 2010 at least a little more promising. 2009 opened up hitting most people between the two eyes with the worldwide recession. Most everybody was impacted in some way because of this phenomenon.
It seemed like every national government went into defensive mood bailing out their banks, and funding works programs to help those people who lost their jobs as a result of the fallout. You had to look no further than the job losses in the industrial sector, particularly big car manufacturers General Motors and Chrysler, which received massive government bailouts.
One of Newfoundland’s major industries – the fishery was also impacted by a decline in markets, especially in the prime United States marketplace where upscale restaurants stopped buying their usual product. Fewer Americans could afford to dine outside their homes.
The upcoming year is already showing a promise of better things to come. The American and Canadian stock markets, which usually are a barometer of a decline or upswing in the economy, have been rebounding and surging ahead for the last 6-9 months.
Job creation has lagged behind but that too has shown signs of improvement with the statistics, which the Canadian and U.S. governments have reported in the last couple of months.
This province is showing its own resilience with Atlantic and Canadian economic indicators predicting Newfoundland leading the country in growth in 2010.
Offshore oil is still fueling the economy in eastern Newfoundland with reports of more oil found in existing oil fields offshore. Conoco-Phillips is starting its deep-water exploration in the Laurentian Basin off the south coast this year.
On the Burin Peninsula, there is a major development in Marystown with a new box store near the Peninsula Mall (offsetting the disappointing closure of the Dominion store) and the marine industrial park at Power’s Cove. In Burin, a new medical industrial park has received government funding for its development.
In St. Lawrence, Canada Fluorspar is hoping it will pass all environment regulations to begin its physical on site work this spring to reopen the fluorspar mines there.
In Grand Bank, Dynamic Air Shelters continues to thrive and expand its operations. In Fortune, the Ocean Choice International (OCI) fish plant there has provided employment bonuses with work, which was not originally scheduled for that plant.
While the OCI plant in Marystown and the High Liner secondary plant in Burin are struggling because of market and raw material concerns, those plants continue to operate according to the five-year purchase agreement signed with the provincial government.
There’s an old expression ‘As one door closes, another opens’.
Residents, perhaps if only for their own sanity, will have to view the future and a new year with that outlook. The future is what you, yourself, make of it.
Looking forward to a happier and prosperous new year, staff at The Southern Gazette hope you and yours can bask in more satisfying times. —Reprinted from the Southern Gazette, by
edtior George Macvicar