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Protectionism and lack of investment are hobbling Canada's economic potential, report argues

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Canada on path to fall behind in competitiveness and experience a slow erosion of living standards, report says. Read more

The authors acknowledged there are challenges to the path they are promoting, calling tax reform “a perilous political exercise at the best of times.” But the report urged governments to consult and engage with businesses while being responsive to global forces and challenging vested interests and policies that hold back competition and breed complacency.

The list includes a review of competition policy, modernization of privacy and data management legislation and steps to accelerate digitalization in the financial services industry. While this shift is crucial for the future, the report acknowledged that Canada’s short-term priority must be to get back on path to non-inflationary growth.

,” the report said. “Consequently, global growth will be weak in 2023, recover some momentum later in 2024 and only by 2025 be at roughly potential for the medium term, with low inflation.”near the target of two per cent, the report said there is reason to expect that interest rates will remain higher than they were before the COVID pandemic and that growth potential will be lower. The authors note that while U.S.

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