As we approach the budget season, Canada is facing a series of challenges that will require a measured economic and fiscal strategy. We must face the return of the political economy on a global scale and must work to contain our rising debt-servicing costs and the declining fiscal power of the federal government. In addition, prioritizing long-term economic growth is paramount in order to maintain our living standards.
Two key drivers of sustained economic growth are population growth and productivity. Canada is increasing its high-skilled immigration as well as pursuing measures that might increase productivity in all sectors. Of course, sectors that invest heavily in technology and innovation will lead to productivity gains, for example advanced manufacturing, artificial intelligence and robotics.
In order to compete in advanced industries, we must have the proper framework in place. This includes mobilizing human capital, developing modern science and technology, enabling transmission channels of research to industry, and creating a sound regulatory and tax environment. Rather than focussing on political expediency, policy decisions must be guided by their long-term efficacy.
The Business Council of Canada, mentioned in this article, is an independent, non-partisan organization undertaking research and advocating policy solutions that create economic prosperity and build a strong foundation in Canada. Robert Asselin, senior vice-president of policy at the Council and former adviser to two prime ministers, is clearly an individual who advocates for sound economic policies in order to overcome these mounting challenges. He is an experienced public policy professional and experienced in economics, public policy and politics. His extensive knowledge and strategic insights place the Business Council of Canada in the driver’s seat in terms of policy advice.
