David Dodge appears on BNN Bloomberg to share the highlights of Bennett Jones' latest Economic Outlook. He says that Canada is at a point where our long-term standard of living will erode if we don't act now.
David explains why the growth of Canada's economy depends on a number of long-term factors:
- Boosting productivity by more business investment in more productive physical capital and in the skilling and upskilling of workers.
- Increased business competition, both domestically and in global trade.
- Getting the "tilt" right in tax policy—where governments spur investment and innovation with a tax structure that is less focused on raising revenues through income taxes and more focused on consumption taxes.
- Realigning immigration policy so it returns to being a source of highly skilled, productive workers—and moving away from the current approach of addressing immediate worker shortages.
- In the energy transition, it is absolutely critical is that businesses and governments work together to map out the framework. The transition will require very significant private and public investment—to decarbonize, renew our energy grids, change the structure of production, and more. Government policies must be favorable to private investment.
- We have to move faster in adapting our business frameworks for a data economy. This includes a change in mindset by everyone—governments, businesses and workers—to upskill and become rapid followers of digitalization and technology.