On one hand, the country is poised to play a key role in the global economy over the next 10 years. Canada’s stable macroeconomic environment and sound monetary policy allowed it to emerge from the global financial crisis barely scathed. Its resource-rich environment has made it a leader in commodity exports, which have tripled in the last decade due their global demand.
And its policy toward multiculturalism has opened the doors to myriad immigrants who have shaped Canada into a true melting point of global culture and global talent. All together this has set up a sustainable climate for business and innovation to flourish.
But Canada today faces a number of urgent political, economic and social questions, the answers to which will play a key role in determining everything from its future financial health-to its national identity.
This year, the United States and other G8 nations that are emerging from the financial crisis are set to outpace Canada in economic growth. And a housing crash has become the biggest risk facing the economy. Meanwhile, Canada is in critical need of diversification of its exports and has become overly dependent on the US and China as trading partners, while other global relationships have lagged.
“Canada came through the financial crisis relatively unscathed but today faces new challenges: from disappointing productivity growth and mounting household debt to geopolitical instability,” said Greg Ip, Canada Summit chairman and US economics editor for The Economist. “Now is good time to explore how these things affect the prospects for Canadians and their business community.”
It’s time for Canadians to apply fresh thinking to policy-making and business strategy to unleash the country’s potential as a global powerhouse.
Join The Economist at its inaugural The Canada Summit, chaired by the global publication’s Economics editor, Greg Ip, as top CEOs from Canada and abroad are interviewed about their biggest challenges and opportunities, as well as the steps they are taking to expand their operations globally.