The commission will be led by Premier Stephen McNeil, while Progressive Conservative Leader Jamie Baillie and acting NDP Leader Maureen MacDonald will co-chair.
The oneNS Coalition is to develop work plans based on strategies outlined in a report released in February by a panel on economic development led by Acadia University president Ray Ivany.
It is also to present a 10-year plan to meet population and economic renewal goals by December 2015.
The panel's report says the province is headed for an extended period of economic decline unless population and economic trends are reversed.
The report called for strategies aimed at expanding immigration, research and development and the revitalization of the province's traditional rural industries.