Fiscal update must provide plan for recovery and growth

by Goldy Hyder – President and Chief Executive Officer, Business Council of Canada

Business leaders will be looking to next week’s federal economic and fiscal update to address both the current health emergency and the longer term effects of the COVID-19 pandemic on the Canadian economy.

Stopping the spread of the coronavirus must remain the top priority for the federal government so that individuals and businesses across the country can resume normal activities as quickly as possible.

“A healthy economy requires a healthy population. Case numbers are rising across the country and Canadians have grown increasingly frustrated by confusing and inconsistent public health guidelines,” says Goldy Hyder, president and CEO of the Business Council of Canada.  “It’s time for a coordinated approach.”

Equally important will be financial assistance to the economy’s most distressed sectors like those in travel, tourism and hospitality to ensure that people will have jobs to return to when the pandemic is over.

Canada’s largest employers will also be looking for an economic plan that boosts confidence and encourages private sector investment and job creation.  Part of that plan must include the establishment of a clear fiscal anchor.   

Last month the Business Council wrote to the Prime Minister outlining a framework for growing Canada’s economy.  The report, “Powering a Strong Recovery: An Economic Growth Plan for Canada,” sets out practical measures the country can take now to emerge from the crisis stronger than before.