Persistent economic weakness undermining Canada’s prosperity

Anne McLellan and Lisa Raitt

When the Coalition for a Better Future released its first annual Scorecard report for Canada’s economy a year ago, it expressed concern about persistent economic weakness that was threatening to undermine our future prosperity.

As we prepare to release our second report on March 19, the numbers show we’ve made little progress.

The report shows that on the critical measures of living standards - output per capita and labour productivity - we’re moving in the wrong direction.

There are signs distributional outcomes may be worsening too. This is happening amid higher interest rates and inflation. It's particularly affecting young people, immigrants and racialized Canadians.

Our path to a green energy transition is unclear.

The coming federal budget is an opportunity to make up some of the lost ground. Looking a little bit further ahead, we see the approaching federal election as a critical juncture.

Canadians deserve a meaningful debate about from where economic growth will come. It’s incumbent on all parties to provide concrete ideas on how to improve living standards - today and in the future. We ask all those seeking elected office to avoid empty slogans.

The Coalition was established in August 2021, on the eve of the last election, with a mission to spark a national conversation about what needs to be done to secure the quality of life and standard of living that has made Canada the envy of the world.

While that election did not offer the informed policy debate we had hoped for, we believe our mandate remains as important as ever.

Our objective will be to foster ambition on the part of all governments and the private sector. We refuse to accept that slow growth is inevitable.

It's time to take proactive measures to ensure Canada's future prosperity.