Canada’s economy has a lot going for it right now.
We are a human resource powerhouse and our openness to immigration also makes us one of the fastest-growing populations among advanced economies. Our natural resource wealth is acting as a buffer against the worst of global supply chain disruptions and higher commodity prices. Canada is also fortunate to share a very long border with the world’s largest and most dynamic economy, even if the relationship can sometimes seem challenging.
We know there are no easy answers. The productivity issues at the heart of the problem are multi-faceted and longstanding.
But one culprit is easy to identify: anemic private-sector investment. Statistics Canada data show the real stock of business capital per worker outside of housing is about what it was a decade ago, and well below records.
For governments, it means a heightened emphasis on long-term thinking — beyond the next election — and on ensuring businesses have the tools needed to meaningfully take part in Canada’s efforts towards reconciliation with Indigenous Peoples.
This should include enabling and incentivizing business to deliver on big projects in key sectors such as critical minerals, clean energy and green manufacturing, starting with providing more help to navigate complex regulatory frameworks.
The coalition will have more to say in the weeks and months ahead about the challenges our economy faces and the steps needed to make Canada more resilient to global challenges. We are launching a nationwide tour of campuses — beginning next week at the University of New Brunswick — to promote our ideals for growth that are inclusive and sustainable. And we’re keeping score by tracking 21 internationally recognized metrics. We will release the second annual edition of scorecard numbers on March 7.
U.S. President Joe Biden’s landmark Inflation Reduction Act, while a welcome impetus to global climate transition efforts, is already siphoning Canadian capital south of the border.
Global political fault lines are shifting at an alarming rate, requiring tactful economic diplomacy and a re-evaluation of our place in the world economy.
The next federal budget is a critical opportunity for the Trudeau government to press ahead with pro-growth policies, before the next election cycle catches up with us again. The world isn’t waiting for us.
Anne McLellan and Lisa Raitt are co-chairs of the Coalition for a Better Future, a diverse group of Canadian leaders, organizations and employers working together to develop a bold new economic and social vision for the country.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Edmonton Oilers sign defenceman Travis Dermott to professional tryout
Kirk’s walk-off single in 11th inning lifts Blue Jays past Cardinals 4-3
Canada’s Sarah Mitton captures shot put gold at Diamond League in Brussels
United Airlines will offer free internet on flights using service from Elon Musk’s SpaceX
What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’
Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop
Kamloops, B.C., man charged with murder in the death of his mother: RCMP
Man charged with attempted murder after Lethbridge woman bludgeoned in her sleep
