As clocks fall back, our economy needs help to spring forward

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Dear Friends,

As Chrystia Freeland said yesterday in her fall economic statement, Canada is “at a pivotal moment.” The challenges confronting our country include geopolitical volatility, a global economic slowdown, and the need to navigate a green energy transition.

Recognizing these headwinds, the economic statement included a number of actions to spur investment, ease labour shortages and make life more affordable for Canadians. For example, I was encouraged to see:

• Investment tax credits for clean technologies and clean hydrogen, a promise to help get critical minerals “out of the ground and to global markets”, and a further promise to improve regulatory processes for major projects;
• Measures to speed up immigration processing to allow more skilled newcomers to fill critical labour gaps; and
• Targeted support for the most vulnerable Canadians while still reducing the federal deficit.

But overall I felt the government’s fiscal update failed to convey a sense of urgency. The challenges we face demand bold and immediate action.

Time is not our friend.

That is why I urged the government to come forward early in the new year with a budget that takes concrete steps to shore up Canadian competitiveness and ensure a better life for all Canadians.
Yours truly,

Goldy Hyder
President and CEO
Business Council of Canada

Next week we launch the 6th season of our podcast Speaking of Business with Goldy Hyder. Join us for candid and insightful conversations with Canadian innovators, entrepreneurs and business leaders.

While awaiting the release of Canada’s Indo-Pacific strategy, last week we welcomed Canada’s decision to apply for membership in the Indo-Pacific Economic Framework for Prosperity. Since U.S. President Biden launched the framework last spring, the Business Council has called for Canada to have a seat at the table in this ambitious regional initiative.