Canada Must Remain Focused on Competitiveness and Economic GrowthApril 7, 2022
(Toronto – April 7, 2022) – Two years into a global pandemic, Canada is facing a competitiveness problem. Inflation, supply chain constraints, labour shortages and global uncertainties risk undermining a swift and robust economic recovery. Today, Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC), responded to Canada’s 2022 budget:
“We welcome Budget 2022’s commitments around increasing productivity, public health, housing, immigration, and training – all of which are fundamental to a strong economy. Budget 2022 also includes a number of measures to support Canada’s net-zero transition and position businesses for increased growth, recognizing the opportunities for all sectors to participate in the green economy.
“Fiscal responsibility will become increasingly important amid inflation and rising interest rates. While Budget 2022 contains several growth-enabling investments, it lacks an overarching plan and vision for economic growth that will encourage private sector investment and reduce the debt-to-GDP ratio without the need for spending cuts or tax increases in the future. Now more than ever, it is critical for Canada to leverage private capital and reduce regulatory barriers that inhibit growth.
“Furthermore, our federal tax system requires a comprehensive review with an eye to attracting foreign direct investment, driving business productivity, and encouraging innovation.
“As the indispensable partner of business, we call on the federal government to remain steadfast in advancing measures that support the right conditions to drive entrepreneurship, investment and long-term economic growth.”
The recommendations outlined in OCC’s budget submission were developed with businesses, associations, labour, post-secondary institutions, and the Ontario Chamber Network.
About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan, indispensable partner of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.
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