It’s businesses that drive economic growth – for our future’s sake, we must spur them

Canada's near-term economic struggles will begin to resolve by the second half of next year when growth returns, a new forecast from Deloitte Canada says. Condo and office towers are seen in downtown Vancouver on April 25.The Honourable Anne McLellan and the Honourable Lisa Raitt are co-chairs of the Coalition for a Better Future, a group advocating for economic and social policies.

The outlook, meanwhile, is hazy. We will no longer be able to rely on low-interest loans to drive growth, like we have for much of the past two decades. In fact, the excesses of the past that have led to high household debt levels and out-of-reach housing prices will now act as headwinds. Governments, too, will face higher debt burdens that will limit their ability to continue stoking growth.

The first principle of good economic management is to do no harm, so let’s not be too cavalier about how we think about and deal with our resource sector. Without energy exports, our dollar would be weaker and inflation and interest rates would be higher. A second guardrail for policy is to foster a stable environment for this investment to take place. If we want corporations to ramp up capital spending in the coming years – in the order of hundreds of billions of dollars – we need to make businesses confident that they can get a return on their investment.

Source: News Formal (newsformal.com)

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