Canada needs a sustainable, inclusive long-term economic strategy

  • National Newswatch

There's no question these are challenging times for many Canadians. We are facing historically high levels of inflation and higher interest rates, both of which are making life less affordable for many.On top of that, we're dealing with a labour shortage, a housing shortage, ongoing supply chain disruptions, the war in Ukraine, a crisis in health care, and climate change. And then there's that general feeling that Canada is punching below its weight right now in terms of economic growth, inequality and climate change.All the more reason why the Coalition for a Better Future is looking for a commitment to a long term economic strategy for the country in the upcoming Fall Economic Statement to be unveiled by Deputy Prime Minister and Minister of Finance Chrystia Freeland on November 3, 2022. And our members are saying that while the strategy is a good first step, they also want to see concrete actions to implement the right set of policies to drive Canada's economic recovery.The Coalition for a Better Future understands the need for the Federal Government to focus on immediate concerns, particularly pocketbook — or so-called affordability issues right now. Those issues are real and pressing, and they do need to be addressed.At the same time, we need to build and maintain a clear perspective on longer-term future growth potential for a more sustainable and inclusive economy. That's why we founded the Coalition for a  Better Future-La Coalition pour un avenir meilleur a year ago. We are a broad-based  group of 139 organizations from the private sector and civil society that have come together to develop a bold new economic and social vision for the country. We represent organizations as diverse as the Dairy Farmers of Canada, the First Nations Major Projects Coalition, BIOTECanada, the National Maritime Group, the Canadian Red Cross, Universities Canada, to the Business Council of Canada. We may come from different sectors of society, but we all agree on one thing-Canada needs a long-term economic strategy that is inclusive and sustainable to ensure our future prosperity, and the Government of Canada needs to begin implementing that strategy now.Now, more than ever, we need all levels of government and Canadians to work together to ensure a better quality of life for all. And our members believe Canadians will rally around this ideal to strengthen our economy.The Coalition has built consensus among business leaders, environmental organizations, Indigenous groups, and community and youth leaders whom all believe now is the time to take decisive action on economic growth that is inclusive and sustainable and to start measuring our progress.As part of the work we've been doing, we've created a scorecard of internationally-recognized metrics and goals that, if followed, would result in one of the strongest economies in the world.The scorecard provides a comprehensive blueprint for Canada to reach its full economic potential, with 21 metrics in three distinct areas: growing sustainability by fighting climate change and ensuring economic resilience against unexpected events; living better by raising living standards across the income spectrum and ensuring Canada invests in its human capital, particularly for marginalized and under-represented groups; and winning globally by scaling up through innovation and further expanding the reach of Canadian businesses beyond our border.The scorecard metrics are based on figures from the OECD and Statistics Canada. If the public, private and non-profit sectors make progress in these areas, it will lead to economic growth for the country. This year we intend to add a rural analysis to some of our key scorecard metrics, like broadband access, to ensure that our analysis provides a more robust snapshot of how Canada is faring right now across all regions.On March 7, 2023, we will issue our first report on Canada's economic progress as measured through the scorecard metrics.  We will also continue to advocate for a concrete plan and implementation from governments for sustainable and inclusive long-term economic growth.Our current focus on the short-term pocketbook issues is understandable, given the circumstances. But we must not lose sight of the goal of building a better economic future for all of us. All Canadians — governments, businesses, civil society, and individual citizens — can and must roll up their sleeves and work together to achieve results.We invite all Canadians to join us to build a more inclusive and sustainable economy. We can do this.  Our future prosperity depends on it.Anne McLellan is a Senior Advisor at Bennett Jones in Edmonton. Ms. McLellan is a former Liberal MP from Edmonton and served as Deputy Prime Minister for the Liberal government of Paul Martin from 2003-2006. She co-founded the Coalition for a Better Future in August 2021.Lisa Raitt is the Vice Chair and Managing Director of Global Investment Banking at CIBC. Ms. Raitt is a former Conservative MP from Halton who served as  Deputy Leader of the Conservative party from 2017-2019. She co-founded the Coalition for a Better Future in August 2021.