Canada is at an inflection point.
Not only are we on the brink of a federal election at a time when our economy is threatened by potentially devastating tariffs from our largest trading partner, we are continuing to see declines in per capita economic productivity as well as ongoing challenges attracting capital and a weak Canadian dollar that is reducing our terms of trade.
Canadians aren’t catching a break. From affordability challenges to uncertainty around the impact of the potential tariffs on key sectors, the current unease is at a level not seen since the financial crisis of 2008.
The silver lining has been a unifying movement among Canadians from coast-to-coast-to-coast to protect our economy, independence and sovereignty – and a newfound determination to focus on what we can control within our borders. This means Canadians are looking to both businesses and government to take action that catalyzes economic growth, protect Canadian jobs and workers.
Now more than ever, Canada needs a plan.
Businesses of all sizes of all sizes and from all sectors must be at the heart of this plan. But to succeed, businesses need a policy landscape that is competitive, simple and stable. In fact, we need a government that speaks for business; without successful businesses there are no jobs for Canadians.
And Canadians agree: 69 per cent believe it is important to have a business-friendly government – but only 26 per cent think the government is doing enough to create a business-friendly environment.
It’s been said often enough in recent weeks – but we must not waste this crisis. We must be bold and invest in Canada – to broaden our markets, strengthen our global competitiveness, grow our economy and decrease the impact of the looming tariffs. We must seize this moment.
So where do we start?
Not surprisingly – with eliminating impediments to competitiveness such as burdensome regulatory policies that delay the efficient deployment of investment capital. One thing we know is that capital will go to jurisdictions where it can get the best possible return with the least amount of resistance. Canada has not been at the top of the list for at least a decade, if not longer. This must change.
Second, we need to invest in our trade infrastructure and relationships. According to Crestview, which was commissioned for a poll conducted between Jan. 6 and 13, about 75 per cent of Canadians feel we are far too reliant on the United States for economic growth – and we must reduce interprovincial trade barriers.
This includes working with accreditation bodies and professional associations to allow for services – and labour – to be provided across the country.
International trade with countries other than the United States must be prioritized – and this includes enhancing export infrastructure, reviving shelved liquefied natural gas projects such as the Saguenay in Quebec.
Contrary to what some may continue to believe, there is a business case for LNG to be developed and shipped from Canada to international markets.
Third, we must support entrepreneurs so that they can thrive in a global market. Canada has long been an enterprising country, but entrepreneurship has been on the decline. The numbers show 100,000 fewer entrepreneurs than 20 years ago. As we see regulatory burdens and costs rise, it has become very difficult to invest in the R&D, technology, and other critical drivers of innovation and economic growth, let alone adopt them to create new ventures.
Fourth, promote talent, labour and workforce development. Productivity isn’t about working more; it’s about working better. That means investing in our workforce – from closing the skills gap, improving credential recognition and supporting work integrated learning. Immigration will continue to be key to meeting Canada’s future labour force requirements, which means a deliberate plan that matches short- and long-term needs with immigration levels and includes adequate housing.
Finally, we need to work to ensure the strength of local communities. We need to continue to invest in housing, prioritize public safety and invest in sports, entertainment and arts infrastructure that supports the vibrancy of our communities.
Canada has the foundations for success.
We are an enterprising, entrepreneurial and accepting people. We have abundant natural resources. We are well-regarded around the world. Our democratic systems are strong. And compared with many jurisdictions around the world, we have an enviable quality of life.
But to protect what we have – and realize our potential, we need to increase our economic growth and improve our productivity. After many years of neglect, it must be prioritized.
This is not business as usual.
President Trump has made that very clear. We must be the architects of our own future. We must be focused, deliberate and resolute in our efforts. We are at an inflection point – and governments must seize this opportunity to harness our economic potential for the benefit of all Canadians – for today and future generations.
We have done it before – it’s time to do it again.
