Now that I have your attention, let me explain what we mean by the headline.

The Trump Administration (or what’s left of it) has set a target of three per cent annual economic growth each year of his presidency. I doubt he has an ice cube’s hope in hell of making it but I like the fact that his administration has announced the target as part of its budget. Atlantic Canadian governments should follow this lead and announce GDP growth targets.

(For the record, I’m not a fan of the president. Nowhere near it. Naming a growth target is one move that impressed me. If asked for a second I wouldn’t be able to do it.)

Atlantic Canada’s economic growth has been dreadful and setting a target in itself might be the first step to addressing the issue.

Here’s the story on our GDP: RBC estimates Canada’s GDP will increase 2.6 per cent in 2017. In May, it was growing at an annualized rate of 3.5 per cent. But Atlantic Canada is expected once again to underperform. RBC expects growth rates of 1.5 per cent in New Brunswick, 1.1 per cent in P.E.I. and 0.8 per cent in Nova Scotia. Newfoundland and Labrador’s GDP is expected to shrink 2.2 percent. It’s part of a tradition of lagging — mainly in the Maritimes — that has plagued our region for at least a generation.

What Atlantic Canada needs is for provinces to identify a target for GDP growth. Two per cent would seem reasonable. Maybe the target should be to exceed the national figure — though that would be difficult if Alberta and Saskatchewan rebound this year.

Innovacorp Invested $5.6M in 2016-17

It’s a difficult argument to make in these parts as too many complain that strong GDP growth can reward the rich and leave everyone else poorer. Well, it can. So add on an accompanying target for growth in median after-tax income. Problem solved. There’s also the argument that GDP growth can represent industrial growth that causes problems that cost money to fix later, like over-fishing or petroleum industries. There are industrial, environmental and resource regulations that can balance the economic, social and environmental needs.

Setting a target for GDP growth establishes what’s acceptable and unacceptable in economic performance. And it will highlight the need for more and larger high-growth companies in the region, which have the potential to drive economic growth.

Atlantic Canada is making progress on this front but we have a long way to go. When the Ottawa consultancy Branham recently published its list of the 250 top tech companies in Canada, there’s wasn’t a single Atlantic Canada company in the top 100. The highest-ranking East Coast company was Saint John-based Mariner at No. 128. We’re not at a point yet where the tech companies and other high-growth companies have a great enough impact to increase GDP meaningfully.

There’s a foundation of these companies but they are still growing. Entrevestor estimates that there are more than 70 companies that have 10 or more employees and have been growing revenues at 20 per cent annually. Some of these companies will be bought, some will sink and a few will continue growing to eventually produce meaningful growth.

First let’s decide what acceptable growth is. I’d say it’s two per cent per annum.