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Economy

Canada has a secret economic advantage that could lead to greater prosperity

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This year’s World Congress of Neurology is being hosted in Canada from October 15-19, and its tagline, “Brain Health is our Greatest Wealth,” recognizes that brain health — which includes improved brain performance, enhanced creativity, better treatments for neurological disorders and greater psychological resilience — is the pathway to greater prosperity.

Heightened awareness about brain health could not come at a more opportune time. Canada is facing perhaps the biggest challenges to its long-term prosperity since the end of the Second World War. A trend decline in productivity and economic growth, inflation, an aging population, the re-emergence of protectionist industrial policies in the United States and elsewhere, and the realignment of complex supply chains will challenge Canada’s ability to generate the levels of wealth to which its citizens have become accustomed.

However, thanks to a former finance minister, Canada has an under-appreciated advantage, as we were among the first to recognize that mental health is an important variable in economic competitiveness.

Micheal H. Wilson, who also served as ambassador to the U.S., played a key role in highlighting the importance of brain health. He championed mental health at a time when conversations about subjects such as depression were conducted in the shadows. His approach was to integrate mental and neurological health and bring business and science together in support of brain health. That led to the formulation of the “brain capital” concept in 2011, the sum of brain health and brain skills. The goal was to convince business leaders that the brains of their workers were their most valuable assets, and by failing to address brain health issues in the workplace and in society, they were getting less out of their talent. Wilson’s approach was paradigm-changing, coming at a time when brain diseases were seen only as a health crisis.

More than 10 years later, the brain capital concept has evolved and gained traction around the world, with economists and policymakers developing approaches that link brain health to economic growth and security. Brain capital, as defined in an article in the Psychiatric Times, is “a form of capital relevant to a complex, interconnected, and fragile global economy that puts a premium on brain skills and brain health … optimized brain capital creates flourishing, a state when people find fulfilment in their lives, social connectedness and accomplishing meaningful and worthwhile tasks.”

In the context of technological acceleration, it has become clear that brain skills are an important asset in transforming current socio-economic models. Prominent corporations now recognize that the global economy increasingly hinges on brain capital, placing significant value on cognitive, emotional and social brain resources. Major international policy organizations emphasize that investing in the development of brain capital is indispensable for tackling contemporary societal challenges and fostering innovation. Scientific journals are writing about brain capital. By transcending disciplines, brain capital provides a guide to economists and policymakers to assess their actions in a systemic way: to use brain science to better combat a range of problems — from health and climate change, to productivity, inequality and stagnating well-being.

The World Health Organization’s recent position paper further underscores that advancing our understanding of the brain allows people to thrive. Increased global collaboration, data-sharing capabilities, AI analytic tools, and public and private investments have all paved the way for a new era in brain health and brain capital. Leaders in the area convened during the 77th and 78th United National General Assembly Science Summits with the goal of accelerating local, country and global efforts to achieve brain health for all. These meetings led to a powerful call to action to UN member states to recognize brain health across the human lifespan as an urgent priority.

Canada is well-positioned globally to lead efforts in brain capital and brain health. We can build on the legacy of research excellence and investments in brain health that span the country, and leverage our culture of collaboration. With a unified approach, the Canadian brain health community can work to generate insights from research and translate them into changes in practice and policy. Now is the time to push for strategies that optimize brain health through strong, strategic co-ordination and collaboration between stakeholders across public and private sectors. Together, we can answer the outstanding question of how can we improve and optimize brain health across the lifespan.

As the World Congress of Neurology convenes, it symbolizes the culmination of efforts to underscore the profound connection between brain health and broader prosperity. The brain capital concept pioneered by Wilson continues to guide us to work smarter, by putting brain health at the centre of policies to boost long-term productivity and competitiveness, compelling the world to recognize the critical importance of nurturing our cognitive, emotional and social brain resources for a thriving global economy and a healthier, more equitable society.

Inez Jabalpurwala is executive leader at Brain Health Nexus and global director at VINEx. Tom Mikkelsen is president and scientific director at the Ontario Brain Institute.

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Economy

Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

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Economy

Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

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The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

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Trump’s victory sparks concerns over ripple effect on Canadian economy

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As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

This report by The Canadian Press was first published Nov. 6, 2024.

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