Tabatha Bull is the chief executive officer of the Canadian Council for Aboriginal Business, Nicole McLaren is the founder of the subscription gift box Raven Reads and Courtney Robinson is the global head of financial inclusion for Block (formerly Square Inc.).
The goal of building a more resilient and inclusive economy means that Canadians must be committed to helping support a more prosperous Indigenous economy. Around this time of year, Canada’s CEOs and leaders are taking pause and looking for inspiration on how to effect meaningful change in the year ahead and beyond.
A good place to start is reflecting on your response to the question: What are you doing as a business leader to support Canada’s Indigenous economy?
Fostering Indigenous business relationships and opportunities
Heading into 2023, all businesses are experiencing supply-chain shortages, soaring costs and inflationary pricing. Indigenous-owned businesses are navigating these challenging macroeconomic conditions while also facing systemic barriers that limit their abilities to start and grow. The majority do not have access to the same capital, financial flexibility, internet connectivity and options that many non-Indigenous entrepreneurs take for granted to help them manage uncertain and evolving market conditions.
To truly support Canada’s Indigenous economy, corporate efforts should focus on fostering business relationships and opportunities.
Building business relationships
Raven Reads,the best-selling gift box subscription, was founded on the premise of raising awareness of our collective histories, lived experiences and supporting Indigenous authors and entrepreneurs.The business transparently updates its customers on how many Indigenous businesses it has purchased from and how much the company has invested in the Indigenous economy.
The Canadian Council for Aboriginal Business (CCAB) estimates from its 2019 national survey that 83 per cent of Indigenous businesses with employees hire other Indigenous people, amplifying positive economic impacts at the community level. And 86 per cent of Indigenous businesses that employ others offer full-time jobs, with 68 per cent creating jobs for regular part-time and seasonal workers.
Another growing source of Indigenous-led prosperity is through Aboriginal Economic Development Corporations, which work on advancing economic development through subsidiary businesses and investments that create thousands of jobs and access to financial opportunities in First Nations, Inuit and Métis communities.
An emphasis on respectful Indigenous relations
The CCAB offers a variety of tools and programs, including its Progressive Aboriginal Relations (PAR) certification program, to help business leaders deepen corporate commitments to leadership action, employment, business development and community relationships that contribute to growing a thriving Indigenous economy.
On the procurement side, CCAB offers an innovative Supply Change program to support Indigenous entrepreneur access to corporate Canada and government supply chains.
Creating opportunities through social impact investing
A powerful way to support the Indigenous economy is to invest in initiatives that are designed to overcome some of the barriers Indigenous peoples face.
One example is the National Aboriginal Capital Corporations Association (NACCA), which launched the Indigenous Growth Fund (IGF) in April, 2021, to make loans available to Indigenous entrepreneurs who require capital to start or expand their businesses through a growing number of Aboriginal Financial Institutions (AFIs) across Canada. This past June, the fintech Block became the IGF’s first private investor, marking an important public and private partnership milestone focused on restoring growth and prosperity for the Indigenous economy.
Focusing on long-term impact
Building a diverse and prosperous Indigenous business community requires, from both the public and private sectors, a levelling of the playing field for Indigenous entrepreneurs.
Corporate leaders who are focused on achieving this goal must commit to effective,long-term action to support self-determination and reconciliation in Canada.
Our advice is to think creatively, make new connections and explore how you can maintain and build positive momentum toward supporting Canada’s Indigenous economy all year-round.
(Bloomberg) — The head of the International Monetary Fund warned the US that the global economy is closely watching interest rates and industrial policies given the potential spillovers from the world’s biggest economy and reserve currency.
“All eyes are on the US,” Kristalina Georgieva said in an interview on Bloomberg’s Surveillance on Thursday.
The two biggest issues, she said, are “what is going to happen with inflation and interest rates” and “how is the US going to navigate this world of more intrusive government policies.”
The sustained strength of the US dollar is “concerning” for other currencies, particularly the lack of clarity on how long that may last.
“That’s what I hear from countries,” said the leader of the fund, which has about 190 members. “How long will the Fed be stuck with higher interest rates?”
Georgieva was speaking on the sidelines of the IMF and World Bank’s spring meetings in Washington, where policymakers have been debating the impacts of Washington and Beijing’s policies and their geopolitical rivalry.
Read More: A Resilient Global Economy Masks Growing Debt and Inequality
Georgieva said the IMF is optimistic that the conditions will be right for the Federal Reserve to start cutting rates this year.
“The Fed is not yet prepared, and rightly so, to cut,” she said. “How fast? I don’t think we should gear up for a rapid decline in interest rates.”
The IMF chief also repeated her concerns about China devoting too much capital and labor toward export-oriented manufacturing, causing other countries, including the US, to retaliate with protectionist policies.
China Overcapacity
“If China builds overcapacity and pushes exports that create reciprocity of action, then we are in a world of more fragmentation not less, and that ultimately is not good for China,” Georgieva said.
“What I want to see China doing is get serious about reforms, get serious about demand and consumption,” she added.
A number of countries have recently criticized China for what they see as excessive state subsidies for manufacturers, particularly in clean energy sectors, that might flood global markets with cheap goods and threaten competing firms.
US Treasury Secretary Janet Yellen hammered at the theme during a recent trip to China, repeatedly calling on Beijing to shift its economic policy toward stimulating domestic demand.
Chinese officials have acknowledged the risk of overcapacity in some areas, but have largely portrayed the criticism as overblown and hypocritical, coming from countries that are also ramping up clean energy subsidies.
(Updates with additional Georgieva comments from eighth paragraph.)
The head of the International Monetary Fund warned the US that the global economy is closely watching interest rates and industrial policies given the potential spillovers from the world’s biggest economy and reserve currency.
Author of the article:
Bloomberg News
Jonathan Ferro and Christopher Condon
Published Apr 18, 2024 • 2 minute read
Article content
(Bloomberg) — The head of the International Monetary Fund warned the US that the global economy is closely watching interest rates and industrial policies given the potential spillovers from the world’s biggest economy and reserve currency.
“All eyes are on the US,” Kristalina Georgieva said in an interview on Bloomberg’s Surveillance on Thursday.
Article content
The two biggest issues, she said, are “what is going to happen with inflation and interest rates” and “how is the US going to navigate this world of more intrusive government policies.”
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The sustained strength of the US dollar is “concerning” for other currencies, particularly the lack of clarity on how long that may last.
“That’s what I hear from countries,” said the leader of the fund, which has about 190 members. “How long will the Fed be stuck with higher interest rates?”
Georgieva was speaking on the sidelines of the IMF and World Bank’s spring meetings in Washington, where policymakers have been debating the impacts of Washington and Beijing’s policies and their geopolitical rivalry.
Read More: A Resilient Global Economy Masks Growing Debt and Inequality
Georgieva said the IMF is optimistic that the conditions will be right for the Federal Reserve to start cutting rates this year.
“The Fed is not yet prepared, and rightly so, to cut,” she said. “How fast? I don’t think we should gear up for a rapid decline in interest rates.”
The IMF chief also repeated her concerns about China devoting too much capital and labor toward export-oriented manufacturing, causing other countries, including the US, to retaliate with protectionist policies.
China Overcapacity
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Article content
“If China builds overcapacity and pushes exports that create reciprocity of action, then we are in a world of more fragmentation not less, and that ultimately is not good for China,” Georgieva said.
“What I want to see China doing is get serious about reforms, get serious about demand and consumption,” she added.
A number of countries have recently criticized China for what they see as excessive state subsidies for manufacturers, particularly in clean energy sectors, that might flood global markets with cheap goods and threaten competing firms.
US Treasury Secretary Janet Yellen hammered at the theme during a recent trip to China, repeatedly calling on Beijing to shift its economic policy toward stimulating domestic demand.
Chinese officials have acknowledged the risk of overcapacity in some areas, but have largely portrayed the criticism as overblown and hypocritical, coming from countries that are also ramping up clean energy subsidies.
(Updates with additional Georgieva comments from eighth paragraph.)
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