From the President and CEO: Raising Canadian productivity will be an exercise in economics — and trust

Many Canadians think that economic growth will lead to an increased cost of living, leaving them worse off than before.

At a time when our productivity is floundering — we rank 29^th out of the 38 OECD countries and our workers contribute 30% less to the national economy than American workers do with the same time and effort — bringing Canadians back into the fold is critical.

And businesses, particularly small businesses, are in a position to do just that. According to the 2023 Edelman Trust Barometer, employers are the most trusted institution and considered more believable than media or government.

What this means is that Canadians don’t trust the direction of the economy, but they do trust that their employers are well positioned to find the solutions to our economic challenges that serve Canadians’ best interests. Because growth is, in fact, good — it’s what allows us to invest in social services and strong communities, have healthy and wealthy populations, and build an inclusive economy that creates a better life for everyone.

Our response — that is, the response of businesses, chambers of commerce and boards of trade — should therefore be to genuinely reflect on what resonates with Canadians so that we can talk about productivity in a way that highlights the real downstream benefits for everyday people. Businesses have the potential to reach millions of Canadians and get them engaging in commerce and building the economy in support of a better life for all.

This is an abridged version of an op-ed from Candace Laing, President and CEO of the Canadian Chamber of Commerce, which appeared in the Toronto Star. Read the full op-ed, here.