FOR CANADIANS, the COVID-19 pandemic is a once-in-a-lifetime health and economic emergency that has exacerbated long-standing structural weaknesses in our economy. Policymakers therefore face a dual challenge of considerable magnitude: They must lay the foundations for a safe and sustainable recovery while at the same time putting in place a long-term plan for economic growth and prosperity.
Early in the pandemic, we saw how close cooperation between Canada’s public and private sectors could overcome complex and urgent problems. The federal government’s Plan to Mobilize Industry harnessed the strength of the country’s industrial base and the resourcefulness of Canadian companies in responding to the sudden need for large quantities of critical health and safety supplies such as personal protective equipment, sanitization products and diagnostic equipment.
In our view, a similar ‘all hands on deck’ approach is required to deal with our longer-term economic challenges. We believe that a credible plan for economic growth rests on three main pillars: people, capital and ideas. In this article we will take a closer look at what needs to happen within each area.
PILLAR 1: PEOPLE
Canada has one of the best post-secondary attainment rates in the G7 and an immigration system that is among the world’s most successful. We need to double down on these strengths. A long-term strategy for human capital development is essential to building resilience in our labour markets and expanding our productive capacity. Investing in human capital and attracting talented newcomers to our shores are among the smartest possible policy responses to the unceasing forces of disruption, dislocation and skills-based change. Following are three key principles for achieving this.
We cannot sacrifice a generation of talent because of the economic carnage caused by COVID-19.
DEVELOPING A MORE AGILE, ADAPTABLE WORKFORCE. Rapid technological change, an uncertain and volatile environment for exports, the rise of the gig economy and ongoing demographic shifts have combined to create a new reality for Canadian employers. Building an agile and resilient workforce — one with the right mix of skills to respond to the evolving technical and creative demands of the global marketplace — requires continued investment and adaptation by Canadian businesses. It also requires strong partnerships with government and post-secondary institutions.
In our view, the federal government should work
