Newsletter – March 2020
Hello Chamber Members,
We encourage you to take steps to protect your family, business and customers and as we work together to slow the spread of this illness. The Ingersoll District Chamber of Commerce will be watching this illness closely and will advise you of any changes to our upcoming meetings, seminars or events.
- The confidence gap, which measures the difference between business’ confidence in themselves and in Ontario’s economic outlook, widened in 2020 to near historical levels. Although organizational confidence remains high, business confidence in the broader economy dropped seven percentage points in 2020, explained in part by lowered growth expectations nationally and globally. Beyond this, challenges related to the costs of doing business, the high cost of living, and the province’s debt continue to be top of mind for OCC members
- Infrastructure investment, such as transportation and broadband internet, topped the list of business priorities for government, followed by reducing regulatory burdens, lowering the cost of living, and reforming business taxes.
- Challenges related to accessing financial capital, attracting and retaining talent and burdensome regulations continue to compromise the ability of many of Ontario’s community to compete effectively with other jurisdictions.
- Despite these challenges, Ontario’s principal economic indicators remain sound, albeit subdued, heading into 2020, but economic growth is expected to vary greatly across the province. The forecasts show employment and population growth in the Greater Golden Horseshoe and Ottawa surpassing other parts of Ontario, reinforcing a decade-long trend of imbalanced economic growth across the province.
(OTTAWA) – March 5, 2020 – The Canadian Chamber of Commerce’s recent economic summit covered a lot of topics, but one common unifying thread emerged: Canada needs a clear, sober-minded and forward-looking economic strategy that provides for sustainable growth for all Canadians.
“Canadian business leaders were candid about the issues they are facing on the ground, and they were clear that Canada urgently needs a comprehensive national economic strategy. Our governments must find the vision, the principle and the strength of purpose to achieve our economic potential, and Canada’s business leaders have given them lots to think about in the Canada 360 report.” said Trevin Stratton, Chief Economist and Vice-President of Policy, Canadian Chamber of Commerce.
The Canada 360 Economic Summit, held in Toronto on January 30, asked business leaders how the economy is changing underneath our feet and how we can best position Canada. These discussions focused on three main panel topics: Canada’s declining levels of competitiveness, Canada’s place in the world amidst a changing global economy, and Canada’s role as a nation of innovators in an increasingly disruptive economy.
Based on the panellist’s exchanges, the business community identified eight priorities to attract investment to Canada, help create jobs and grow and strengthen our communities:
· A regulatory system that works for everyone, including business
· Infrastructure and innovation to make Canada the most connected country in the world
· A workforce with the skills, education and training to prosper
· Access to new markets around the world and the elimination of trade barriers at home
· A tax system that is fair, efficient and modern
· Resources to help small and medium companies grow and succeed
· Addressing climate change by lowering emissions and increasing energy supply
· A healthier pharmacare system for healthier Canadians
“Governments cannot address the issues we are facing alone and, in many cases, significant business investment will be required. Without a strong economy, our country will not be able to adapt to climate change and an aging population. Without a focus on growth, we will not be able to foster the innovation and sustain the vital public services needed to address the challenges of a sustainable economy. Ideally, such a strategy would be convened by our political leaders, but if they are incapable of doing so, then business will need to lead the way. Canada’s business leaders cannot wait for a dithering parliament as the global economy moves on without us,” concluded Stratton.