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

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

(Phil McLachlan/Capital News)
Murder charge laid in February 2020 stabbing death of Smithers man

Michael Egenolf is charged with the second-degree murder of Brodie Cumiskey

Island Health chief medical officer Dr. Richard Stanwick receives a first dose of Pfizer vaccine, Dec. 22, 2020. (B.C. government)
COVID-19: B.C. seniors aged 90+ can start to sign up for vaccination on March 8

Long-term care residents protected by shots already given

A health care worker prepares to test a Coastal GasLink field worker for COVID-19. (Coastal GasLink photo)
Coastal GasLink begins COVID screening of pipeline workers

Construction is once again ramping up following Northern Health approval of COVID management plan

FILE – A COVID-19 vaccine being prepared. (Olivia Sullivan/Sound Publishing)
B.C. seniors 80 years and older to get COVID vaccine details over next 2 weeks: Henry

Province is expanding vaccine workforce as officials ramp up age-based rollout

Fisheries and Oceans Canada released it's 2021 Pacific Herring Integrated Fisheries Management Plan Feb. 19. (File photo)
Northern herring opportunities kept to a minimum

2021 management plan caps Prince Rupert fishery at 5 per cent

B.C. Health Minister Adrian Dix and provincial health officer Dr. Bonnie Henry head for the B.C. legislature press theatre to give a daily update on the COVID-19 pandemic, April 6, 2020. (B.C. government)
B.C. nears 300,000 COVID-19 vaccinations, essential workers next

564 new cases, four deaths, no new outbreaks Thursday

Walter Gretzky father of hockey hall-of-famer Wayne Gretzky waves to fans as the Buffalo Sabres play against the Toronto Maple Leafs during third period NHL hockey action in Toronto on Tuesday, Jan. 17, 2017. THE CANADIAN PRESS/Nathan Denette
Walter Gretzky, father of the Great One, dies at 82

Canada’s hockey dad had battled Parkinson’s disease and other health issues

Municipal Affairs Minister Josie Osborne speaks in the B.C. legislature, March 4, 2021. (Hansard TV)
B.C. Liberals, NDP sing in harmony on local election reforms

Bill regulates paid canvassers, allows people in condo buildings

(National Emergency Management Agency)
No tsunami risk to B.C. from powerful New Zealand earthquake: officials

An 8.1 magnitude earthquake shook the north of New Zealand Thursday morning

(AP Photo/Richard Vogel, File)
Pandemic stress, isolation key factors as to why Canadians turned to cannabis, alcohol

Study found that isolation played key role in Canadians’ substance use

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Grand Forks’ Gary Smith stands in front of his Church of the Flying Spaghetti Monster float. Photo: Submitted
Grand Forks’ Flying Spaghetti Monster leader still boiling over driver’s licence photo

Gary Smith, head of the Church of the Flying Spaghetti Monster of B.C., said he has since spoken to lawyers

A Cowichan Valley mom is wondering why masks haven’t been mandated for elementary schools. (Metro Creative photo)
B.C. mom frustrated by lack of mask mandate for elementary students

“Do we want to wait until we end up like Fraser Health?”

Most Read