What Canada should do
Canada must start competing. And is that all countries strive to improve their lot. The Canadians do it too. However, it is quite worrying that despite this, a particularly bright job is not being done.
For some columnists, it is really bad to have to open the New Year in these pages with a less vibrant comment from the Fraser Institute on the Canadian economy. But likewise, as one of the country’s leading publishers said, “The biggest problem in this country is conceit.”
Likewise, it has been said that the biggest problem in this country is sufficiency.
It is well seen that all 198 countries of the world are competing with each other to a certain extent. Certainly, Canadians should not be solemnly absent from this competition because they have three million square miles that are rich in basic and precious metals, forest products, energy, and all agriculture, except tropical fruits. In addition, Canada has an educated and law-abiding population of 36 million. All countries, large and small, and naturally rich and poor, strive to improve their lot. Canada is not the exception. However, the disturbing fact is that we are not doing a particularly brilliant job, and that will not be disguised by common and smiling places.
The Fraser Institute rightly criticized Finance Minister Bill Morneau. This is because it affirmed in its fall economic message that”Canada’s economy is strong and growing… our plan to grow the economy is working”. What is really true in that statement is that the economy is growing. Despite this, it is not doing it fast enough compared to many countries with fewer natural advantages than we have. Likewise, the Fraser Institute pointed out that investment in Canada has collapsed and that Canadians invest in other places.
In fact, foreign investment in Canada has decreased by 55% in the last five years and Canadian investment in foreign countries has increased by 74% in the same period. The federal government has a deficit that is not particularly worrisome at around 1% of GDP but combined with large deficits in most provinces and without a projected surplus in 27 years, this is worrisome and irresponsible.
It is necessary to highlight that in a recession, the federal deficit could grow up to around 10 percent of GDP, which is completely unsustainable and would be very dangerous.
Source: Conrad Black | National Post