BCC CEO calls for greater ambition to awaken Canada’s economic sleeping giant

Toronto, ON – October 18, 2023 – Ahead of the federal government’s Fall Economic Statement expected in the coming weeks, Goldy Hyder, President and CEO of the Business Council of Canada (BCC), delivered a powerful call to action to leaders from the private sector, civil society, and all levels of government.

“We need to wake up, embrace our strengths, and celebrate our successes,” said Goldy Hyder in speech to Canadian Club Toronto. The speech outlined practical measures to improve the economy by addressing Canada’s fiscal situation, its relationship with the United States, and ways to succeed in the energy transition. “We must rally around a common vision of prosperity for our country,” he said.

Mr. Hyder’s speech expanded on his letter to Deputy Prime Minister and Finance Minister Chrystia Freeland that emphasized the importance of adopting a meaningful fiscal anchor at a moment of significant geopolitical uncertainty abroad and a deterioration of economic conditions here at home. “Governments can no longer run permanent large deficits without fear. The era of low interest is no longer with us, and that is a reality the government must address,” reads the letter that was publicly released today.

The letter also calls on the government to move ahead with growth-enhancing measures announced in Budget 2023 to ensure a successful energy transition: “We must not lose out on once-in-a generation business investments that are necessary to reduce our emissions and foster economic growth for the benefit of all Canadians.”