Redefining Prosperity: Creating a Better Future for Canada
As published on TheFutureEconomy.ca - November 29, 2024
As part of the Future Forward series hosted by Sasha Krstic, President of Mastercard Canada, Anne McLellan and Lisa Raitt explored the state of Canada’s economy. They shared strategies for integrating technology to boost productivity and cultivate a more resilient economy for future generations.
Sasha Krstic: The very definition of personal prosperity seems to be shifting. Recent Mastercard research found that 49% of Canadians now view health and well-being as the most important factor in impacting prosperity, followed by 46% who stated that financial stability or economic freedom is key.
However, when we look at prosperity from a macro perspective, it’s no secret that the Canadian economy continues to grapple with stagnating productivity and decreasing economic outputs, resulting in a relatively weak economy.
How would you each describe the state of prosperity in Canada today, either on an individual level or a macro level?
Anne McLellan: Everything we do with the Coalition is based on a scorecard of 21 metrics. One of our key metrics is assessing the prosperity index each year to see how Canada is doing in relation to other countries. In 2023, we were ranked 13th globally—13th out of 167 countries—putting us ahead of the United States and just behind the UK. While 13th place sounds quite respectable, this ranking reminds us that prosperity is about more than GDP and productivity alone. Our scorecard reflects that by including factors like inclusion, sustainability, wellness, and high-quality education. While being in the top echelon is positive, Lisa and I are concerned that we’re at risk of slipping further unless we can drive those GDP and productivity numbers up. Without growth in these areas, we won’t have the means to support other aspects of prosperity, like high-quality education and healthcare.
“If we don’t start planning for the next 20, 30, or 40 years now, it’s not just about missing opportunities; it’s about the degradation of what we have today.”
Lisa Raitt: If I had to describe Canada’s state of prosperity, I’d say it’s fragile. I worry that we’re not generating enough economic growth to sustain the services and benefits we all rely on—and that our children will rely on in the future. If we don’t start planning for the next 20, 30, or 40 years now, it’s not just about missing opportunities; it’s about the degradation of what we have today. Our scorecard reveals this fragility, which points to a declining prosperity in our country.
Anne McLellan: If you look at the Canadian population, one area Lisa and I have been focusing on is young people. I think if you talk to young people, there is a real fear around what their future prosperity will look like and what the quality of life for them, their families, and their communities will look like—whether in terms of sustainability, high-quality jobs, or good public health. And I think that’s one of our concerns: we need our young people to be enthusiastic, optimistic about the future, and say, “I’m going to be a risk-taker!”
“If you talk to young people, there is a real fear around what their future prosperity will look like and what the quality of life for them, their families, and their communities will look like.”
