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.
Economy
Canada has a secret economic advantage that could lead to greater prosperity
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.
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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TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
OTTAWA – Canada’s inflation rate fell to two per cent last month, finally hitting the Bank of Canada’s target after a tumultuous battle with skyrocketing price growth.
The annual inflation rate fell from 2.5 per cent in July to reach the lowest level since February 2021.
Statistics Canada’s consumer price index report on Tuesday attributed the slowdown in part to lower gasoline prices.
Clothing and footwear prices also decreased on a month-over-month basis, marking the first decline in the month of August since 1971 as retailers offered larger discounts to entice shoppers amid slowing demand.
The Bank of Canada’s preferred core measures of inflation, which strip out volatility in prices, also edged down in August.
The marked slowdown in price growth last month was steeper than the 2.1 per cent annual increase forecasters were expecting ahead of Tuesday’s release and will likely spark speculation of a larger interest rate cut next month from the Bank of Canada.
“Inflation remains unthreatening and the Bank of Canada should now focus on trying to stimulate the economy and halting the upward climb in the unemployment rate,” wrote CIBC senior economist Andrew Grantham.
Benjamin Reitzes, managing director of Canadian rates and macro strategist at BMO, said Tuesday’s figures “tilt the scales” slightly in favour of more aggressive cuts, though he noted the Bank of Canada will have one more inflation reading before its October rate announcement.
“If we get another big downside surprise, calls for a 50 basis-point cut will only grow louder,” wrote Reitzes in a client note.
The central bank began rapidly hiking interest rates in March 2022 in response to runaway inflation, which peaked at a whopping 8.1 per cent that summer.
The central bank increased its key lending rate to five per cent and held it at that level until June 2024, when it delivered its first rate cut in four years.
A combination of recovered global supply chains and high interest rates have helped cool price growth in Canada and around the world.
Bank of Canada governor Tiff Macklem recently signalled that the central bank is ready to increase the size of its interest rate cuts, if inflation or the economy slow by more than expected.
Its key lending rate currently stands at 4.25 per cent.
CIBC is forecasting the central bank will cut its key rate by two percentage points between now and the middle of next year.
The U.S. Federal Reserve is also expected on Wednesday to deliver its first interest rate cut in four years.
This report by The Canadian Press was first published Sept. 17, 2024.
The Canadian Press. All rights reserved.
FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.
Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.
The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.
Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.
Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.
Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.
Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.
This report by The Canadian Press was first published Sept. 16, 2024.
The Canadian Press. All rights reserved.
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