A health and economic crisis
COVID-19 has affected the lives and livelihoods of millions. It has strained Canada’s public finances and exacerbated long-standing weaknesses. Addressing the many challenges facing the country will require teamwork. That’s why we released the report “Powering a Strong Recovery: An Economic Growth Plan for Canada” to spark a national conversation on the path forward. Our goal is to ensure Canadians succeed in an increasingly competitive post-pandemic world.
Framework for growth
There is no easy solution to improve Canada’s economic performance and we don’t pretend to have all the answers. But we’re convinced that a sustained and inclusive growth plan depends on four main pillars:
- People: The foundation of our economic success resides in our human capital. We must cultivate it and enhance it.
- Capital: We can build a stronger economy and create more jobs by attracting investment, nurturing new ventures, and encouraging existing businesses to expand.
- Ideas: Wealth creation is increasingly driven by knowledge and innovation. We must champion and harness made-in-Canada ideas.
- Sustainability: Partnership with the private sector is essential to ensuring Canada meets or exceeds its climate commitments.
Success requires partnership
We’ve heard from a wide range of business and labour representatives, economists, non-profit groups and other organizations. We also partnered with the Public Policy Forum to hold three roundtable discussions on child care, innovation and skills development.
Leading up to the last federal budget, we identified seven key recommendations to help foster job creation, drive investment and unlock productivity. While the budget contained a few good initiatives, more is needed to position Canada for long-term success.
Above all else, we need business, labour and governments working together.
Beyond COVID: growing stronger together
On the day April 19th was announced as the date for the federal budget and the same week as the Ontario and Quebec budgets, Canadian Club Toronto hosted a timely conversation on rebuilding Canada’s economy.
Some of what we heard
“Getting more people involved in the economy is a critical component to long-term growth.”
Frances Donald, Managing Director, Chief Economist & Head of Macro Strategy at Manulife Investment Management
“We need a nimble just-in-time skilling system. [One] that responds to the needs of industry and reflects the underlying foundational skills of the existing workforce and can inform the education system on what kind of new programs we need to build.”
Arvind Gupta, CEO, Palette Inc.
“For a long time, we talked about a made in Canada strategy. But it’s got to be made in Canada, owned in Canada. Without that ownership piece, you don’t have the ability to move freely in the global market.”
Natalie Raffoul, Managing Partner, Brion Raffoul Intellectual Property Law
Tell us what you think
Canada’s economic success requires ideas that build on our strengths, squarely address our weaknesses, and reduce the risks from future disruptions.