Media Releases Jan 31, 2020

Disappointing year in Canadian GDP growth likely to persist, Canadian Chamber calls for national economic strategy

OTTAWA, ON – January 31, 2020 – Today, the Canadian Chamber of Commerce’s Chief Economist and Vice President of Policy, Trevin Stratton, issued the following statement regarding today’s GDP numbers.

“Today’s GDP numbers were a positive blip in a disappointing year for Canadian economic growth. November’s GDP came in at 0.1% growth, and the Bank of Canada announced last week that it is monitoring Q4 growth of only 0.3%.

The reasons are varied, and many of them are of our own making. Our internal trade barriers are robbing Canadians of a 4% increase in GDP per capita, our regulatory burden is smothering business investment, and a lack of support for small businesses is stifling our exports.

While making a priority of the swift ratification and implementation of CUSMA could help stimulate a measure of growth in 2020, our economy is likely to continue to struggle in building any sustainable momentum. This is why the Canadian business community continues to press the government for a national economic strategy that can address our declining competitiveness.

The Canadian Chamber is prepared to work with its network of over 200,000 businesses to address the unprecedented economic challenges Canadians are facing.”

About the Canadian Chamber of Commerce – Because Business Matters

The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.

For more information, please contact:

Phil Taylor
Managing Director, External Communications (preferred and fastest response time)