Jim Balsillie, Council of Canadian Innovators, arrives to appear as a witness at a Commons privacy and ethics committee in Ottawa on Thursday, May 10, 2018. Business leaders want Canada’s newly elected lawmakers to shift their attention to the economy following an election campaign that they say sorely lacked a critical conversation: how to secure the country’s future prosperity. THE CANADIAN PRESS/Sean Kilpatrick

Canadian business leaders urge new government to focus on economy

Much of the campaign’s focus zeroed in on pocketbook commitments

Business leaders want Canada’s newly elected lawmakers to shift their attention to the economy following an election campaign that sorely lacked a critical conversation: how to secure the country’s future prosperity.

Much of the campaign’s focus zeroed in on pocketbook commitments, which were designed to win individual voter support. Pledges emphasized redistribution of government money, with vows including tax cuts and credits, rather than detailed game plans on how to lift Canadian sectors.

The election’s result — a minority mandate for the Liberals — will likely add an additional layer of uncertainty about the future of economic policy. To pass legislation, the Liberals will now have to find partners among their rivals, which creates doubts around what the government will eventually deliver.

The business community is urging the incoming government to build blueprints on how best to boost growth and to ensure Canada keeps up with the rest of the world.

“Lack of proposals or even discussions of a prosperity strategy by candidates seeking public office is very disconcerting,” Jim Balsillie, former co-CEO of Research In Motion and chair of the Council of Canadian Innovators, told The Canadian Press in an email.

“Regardless of who governs, the only way we can pay for this country is by having a strategy to generate new revenues on a per-capita basis.”

Balsillie, whose council represents some of Canada’s fastest-growing firms, said in today’s economy the most-valuable assets are intellectual property and data. He warned the economy will continue to face head winds unless Canada makes a real effort to encourage the commercialization of these assets.

Analysis: B.C. shined bright for major parties in 2019 federal election

Even with the global economy showing signs of a slowdown, the political parties largely steered clear of any thorough debate on the state of Canada’s economy.

Dennis Darby, president and CEO of Canadian Manufacturers and Exporters, said the party leaders probably decided against putting forward growth-boosting strategies because some indicators — such as the low unemployment rate — have suggested the economy has been doing well.

He argues that Canada’s performance has been far less encouraging in other areas — including weaknesses in GDP per capita, labour productivity relative to other OECD countries, capital investment and growth in exports.

“We were disappointed, I think our members were disappointed, that none of the parties really had a substantive discussion or emphasis on building the economy,” said Darby, whose organization represents 2,500 manufacturers.

“We’re never against consumer tax cuts, but you have to be: ‘What are we doing to try to get companies to invest?’ “

The focus of the campaign became more about the qualities of the leaders than the qualities of party proposals, Darby added.

He said the Liberals’ minority government likely means at least part of their platform “is out the window,” leaving business groups trying to figure out what they’re actually going to do.

With 10 days remaining in the 40-day election campaign, the Canadian Agri-Food Trade Alliance took an unusual step of sending an open letter to party leaders to express its disappointment that there had been no serious discussion about how to ensure Canada’s “long term economic success” by growing exports.

Claire Citeau, the alliance’s executive director, said Friday the lack of a deep campaign debate about trade was particularly troubling at an uncertain time of international trade tensions and threats of expanding protectionism.

She said Canada’s agri-food exports reached a record level in 2018 and are a big contributor to the country’s economic growth and employment.

But Citeau said the opportunities for further growth “are being threatened by … the uncertainty and erosion of predictability.”

A spokesman for Finance Minister Bill Morneau said, after the new cabinet is sworn in on Nov. 20, the Liberal government will look at measures to grow the economy, increase productivity and add to the investments it made during its first mandate.

“Over the last four years, our government has worked hard to grow the economy, strengthen the middle class, and invest in making industries more competitive and innovative,” Ryan Dunn said in an email.

Andy Blatchford, The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VicPD find used, uncapped needle tied to handrail in Beacon Hill Park

Officers believe the needle was put there with the intent to harm someone

PHOTOS: Kids, parents cool off at Langford splash park

Centennial Park is home to a popular water feature

Saanich landfill gets used oil and antifreeze dropoff centre upgrades

BC Used Oil Management Association oversees upgrades, two new facilities in province

Colwood man to ride 400 kilometres to fight kids cancer

Man riding for a beloved family member who died from leukemia at 13-years-old

Saanich woman completes 10 marathons, raises double her initial goal amount

Over $20,000 raised for Victoria Hospitals Foundation

VIDEO: Otter pups learn to swim at B.C. wildlife rescue facility

Watch Critter Care’s Nathan Wagstaffe help seven young otters go for their first dip

Michael Buble among 13 British Columbians to receive Order of B.C.

Ceremony will be delayed to 2021 due to COVID-19

U.S. border communities feel loss of Canadian tourists, shoppers and friends

Restrictions on non-essential travel across the Canada-U.S. border have been in place since March 2`

Rollout of COVID-19 Alert app faces criticism over accessibility

App requires users to have Apple or Android phones made in the last five years, and a relatively new operating system

Alleged impaired driver sparks small wildfire near Lytton after crash: B.C. RCMP

Good Samaritans prevented the blaze from getting out of control

B.C. First Nation adopts ‘digital twinning’ software to better manage territory

Software allows users to visualize what a mountain might look like if the trees on its slopes were logged

Woman arrested near Nanaimo beach after alleged road rage incidents

37-year-old woman facing charges including assault, assaulting a police officer, impaired driving

All inquiry recommendations implemented after fatal Port Hardy RCMP shooting: Ministry

The Independent Investigations Office of B.C. cleared the RCMP officers involved of wrongdoing

Most Read