Budget 2023: Canada’s economy faces mounting challenges – here’s how we overcome them
Robert Asselin is senior vice-president of policy at the Business Council of Canada and a former adviser to two prime ministers.
. Fast-rising debt-servicing costs, higher inflation for longer and diminishing fiscal firepower as a result of having doubled our federal debt during the COVID-19 crisis will all challenge the federal government’s inclination to ignore the real consequences of unconstrained spending. Increased productivity – output per worker – is the most important driver of economic growth. Recent experience suggests this is very hard to do. We need to pursue measures that will raise productivity in all sectors. In addition, and this is politically more challenging, we need to focus on expanding the sectors that hold the most promise for raising Canada’s productivity.
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