OTTAWA, Dec. 12, 2013 /CNW/ - In its 2014-2015 Economic Outlook, the Canadian Chamber of Commerce observes that although Canada
continues to recover from the recession better than other countries,
the pace of growth has been slower than hoped. Consumer spending and
housing activity are proving more resilient than expected, while the
slow pace of global growth and ongoing competitiveness challenges have
reduced demand for our exports and weighed on manufacturing production.
Businesses also remain cautious when it comes to hiring and investing.
Against this backdrop, Canada's economy is on track to expand by 1.7 per
cent in 2013, matching the previous year's sluggish pace. The economy
is projected to grow by 2.3 per cent in 2014 and strengthen moderately
to 2.5 per cent in 2015.
"A reinvigorated U.S. (and global) economy should translate into better
prospects for Canada's export sector in 2014," said Perrin Beatty,
President and CEO of the Canadian Chamber of Commerce. He added: "To
reap the full benefits of an improving global outlook, we need to
strengthen our competitiveness, tap new markets and secure and grow our
involvement in global supply chains."
Canada's share of the U.S. import market has declined steadily since
2000. Much of the loss in competitiveness reflects the strength of the
Canadian dollar, but Canada's weak productivity performance has also
played a significant role.
Government can play an instrumental role in strengthening
competitiveness by improving the policy setting—for example, reducing
the regulatory burden, cutting high marginal personal income tax rates,
shifting away from taxing income and profits to taxing consumption,
investing in infrastructure and education, and championing unencumbered
global trade and investment—however, the onus is on businesses to craft
a sustainable competitive advantage to capitalize on these
View the Canadian Chamber's 2014-2015 Economic Outlook.
The Canadian Chamber of Commerce is the vital connection between
business and the federal government. It helps shape public policy and
decision-making to the benefit of businesses, communities and families
across Canada with a network of over 450 chambers of commerce and
boards of trade, representing 200,000 businesses of all sizes in all
sectors of the economy and in all regions. News and information are
available at Chamber.ca or follow us on Twitter @CdnChamberofCom.
SOURCE: Canadian Chamber of Commerce
For further information:
Émilie S. Potvin
Director, Public Relations & Stakeholder Engagement
Office: 613.238.4000 (231)