Canada must develop a services economy GlobeBusiness
Published April 21, 2019Canadians can be proud of our place in the world. We are a leader in quality of life and we can point to a solid record of economic growth.We owe this strong and stable position largely to three traditional pillars of our economy. Natural resources are our competitive advantage – though one we are putting at risk unless we find ways to build the vital links needed to get our energy to more markets globally.
According to the recent report from the Public Policy Forum, A New North Star – Canadian Competitiveness in an Intangibles Economy, in 1985 only 32 per cent of the value of the S&P 500 was in intangible assets. Today, it’s 91 per cent – meaning what investors value most are not hard assets, but ideas and intellectual property.
The Canadian Federation of Independent Business’s most recent survey found that 430,000 jobs had been left unfilled for four months or longer. And by 2021, in the high-tech sector alone, as many as 220,000 high-skilled jobs will need to be filled. When jobs go unfilled, it’s a lost opportunity for companies – and for Canada – that serves as a de facto cap on GDP growth.
We should develop more programs that give students the hands-on skills needed to help Canada compete as a leader for services jobs globally. Often, those programs are at colleges. We also need to forget the notion that somehow college is not as valuable as university. Both are valuable as part of the more flexible careers that will define our future economy.
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