A new report from our Business Data Lab says Canada’s productivity problem can be addressed by a renewed focus on enabling and investing in Canada’s natural resources sector. 

The report, Canada’s Natural Wealth: Highlighting Canada’s strong natural resources sector, assessing the economic challenges, and identifying growth opportunities, provides recommendations to address Canada’s place as one of the least productive G7 nations, with the country facing significant economic challenges, low productivity, declining living standards, regulatory uncertainty, and weak business investment. 

The report is released ahead of the Canadian Chamber's five-city speaking tour, with experts from leading Canadian organizations in the natural resources sector discussing how to harness Canada’s natural resources to strengthen our economy, meet global demands, support Indigenous reconciliation, and strive for a better life for all Canadians. 

COMMENTARY

Last week, the Bank of Canada lowered the interest rate for a third consecutive time, bringing it to 4.25%. As inflation risks ease, the central bank's attention has shifted to Canada’s growing economic challenges. 

In his latest commentary, our Chief Economist, Stephen Tapp, predicts rates may continue to drop, potentially reaching 3% by summer 2025. The big question: will steady 25 basis points cuts suffice, or will more aggressive measures be needed to support growth? 

COMMENTARY

Despite the Canadian labour market adding 22,000 jobs in August, the unemployment rate rose from 0.02% to 6.6% — the highest since 2017. Our Senior Economist, Andrew DiCapua, highlights that while part-time gains offset full-time losses, the labour market is still falling short of meeting demand. This fast increase in unemployment could prompt the Bank of Canada to consider larger rate cuts. 

POLICY MATTERS

House of Commons sitting days start again on September 16, which means the government will soon turn its attention back to governing. When it does, the 10 economic measures discussed in this month’s edition of Policy Matters should be key areas of focus. Importantly, these measures would require minimal or no government spending, yet would generate future wealth and prosperity for all Canadians.  

SUBMISSION

Last week, we submitted feedback to the Department of Finance Canada as part of their consultation on Budget 2024, particularly concerning the capital gains inclusion rate increase and the lifetime exemption increase. 

While the Canadian Chamber welcomes the opportunity to comment, this consultation occurs after the tax increase has already been implemented, limiting the ability for Canadians and businesses to plan effectively. 

The business community is alarmed by the negative impact this measure will have on growth, innovation, and job creation. 

PRESS RELEASE

We are proud to announce Ian Edwards, President and CEO of AtkinsRéalis, as the recipient of the 2024 International Business Leader of the Year Award. This prestigious recognition highlights Mr. Edwards’ exemplary leadership of AtkinsRéalis, a global leader in professional services and project management, known for its innovation and commitment to corporate social responsibility. 

UPCOMING EVENT

UPCOMING EVENT

NEW EVENT

BLOG

In a new member op-ed, Neil Cawse, CEO of Geotab, explains the opportunities, challenges and realities of EV adoption in Canada. Dive deeper into his perspective in this week’s featured blog post.