The board members are former Bank of Montreal chief economist Tim O'Neill, Elizabeth Beale, the president and CEO of the Atlantic Provinces Economic Council and former federal deputy minister of finance Michael Horgan.
O'Neill will serve as chairman of the board.
MacLauchlan says the board will meet three times a year and will provide the government with advice and analysis on economic trends and policy.
The premier says he will host an economic forum on March 16 in Stratford to seek ideas from the public and business on how to grow the province's economy.
Representatives from the energy and finance departments will make a presentation on the province's trade and export sector.