Coronavirus: Nunavut, a gold-bearing polar land, escapes the crisis

2020-08-05T17:07:25.346Z

Canada's polar region is showing strong growth despite the pandemic.Montreal The land of the Inuit does not know the crisis and it owes it largely to its basement. “ Although Canada is in the midst of its most severe recession on record (the IMF predicts a GDP contraction of 8.4%), the Territories (Nunavut, Northwest Territories, Yukon, Editor's note) should hold up relatively well ”, Said recently the senior economist of the study center of the Conference Board ...

Montreal

The land of the Inuit does not know the crisis and it owes it largely to its basement. “ Although Canada is in the midst of its most severe recession on record (the IMF predicts a GDP contraction of 8.4%), the Territories (Nunavut, Northwest Territories, Yukon, Editor's note) should hold up relatively well ”, Said recently the senior economist of the study center of the Conference Board of Canada, Richard Forbes.

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Nunavut, the land of the Inuit, as large as four times the size of France but as populated as Montélimar (39,000 inhabitants) has not recorded any confirmed case of Covid-19. The regional GDP is not only expected not to decline this year but on the contrary to grow by 6.1% and 13.2% in 2021.

The territory is supported by the mining sector: diamonds, zinc and gold. Last year, production of the yellow metal jumped 43% and was Nunavut's main source of revenue. According to the Conference Board, the mining sector is expected to grow 18.6% this year.