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Fall Economic Statement must provide a strategy for growth

Fall Economic Statement must provide a strategy for growth

As a growing number of experts predict a slowdown in Canada’s economy, it’s important for the government to use the Fall Economic Statement to set out a clear strategy for growth.

(OTTAWA) – November 02, 2022 – The Canadian Chamber of Commerce’s President and CEO, Perrin Beatty, issued the following statement ahead of tomorrow’s Fall Economic Statement:

“As a growing number of experts predict a slowdown in Canada’s economy, it’s important for the government to use the Fall Economic Statement to set out a clear strategy for growth.

Minister Freeland pointed in the spring to Canada’s lagging performance on innovation and productivity, which makes our businesses much less competitive. Fixing the problem will require private sector investment from both within Canada and abroad. Attempting to borrow our way to prosperity would only generate more debt and inflation.

While we need to respond to international measures that draw investment away from Canada, including the United States’ Inflation Reduction Act, and better target planned spending towards trade-enhancing infrastructure, we have several no-cost and low-cost tools that can promote growth while increasing government revenue. These measures include reforming regulation, increasing labour force participation and eliminating longstanding barriers to interprovincial trade, while avoiding new taxes and ending rhetoric that portrays Canadian businesses as the problem instead of as partners in growing a stronger economy.

A genuine partnership is essential for filling our almost one million job vacancies. We hope the Minister will set out a plan to collaborate with business, the educational sector and others to generate the skills and labour Canada so desperately needs. Immigration must be an important part of that strategy, along with upskilling and reskilling, and increasing participation rates among women, seniors, Indigenous Canadians, persons with disabilities and new arrivals to Canada.

Finally, Russia’s war in Ukraine and the growing pressures on global supply chains present Canada with both an opportunity and an obligation to act. What’s needed most in the global economy right now is food, fuel and fertilizer – three commodities Canada has in abundance. With the vision and the will, this can be Canada’s moment.”

About the Canadian Chamber of Commerce — The Future of Business Success

The Canadian Chamber of Commerce is Canada’s largest and most activated business network — representing 450 chambers of commerce and boards of trade and more than 200,000 businesses of all sizes, from all sectors of the economy and from every part of the country — to create the conditions for our collective success. The Canadian Chamber of Commerce is the undisputed champion and catalyst for the future of business success. From working with government on economy-friendly policy to providing services that inform commerce and enable trade, we give each of our members more of what they need to succeed: insight into markets, competitors and trends, influence over the decisions and policies that drive business success and impact on business and economic performance.

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Emily Walsh

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