MONTREAL, Sept. 24, 2013 /CNW Telbec/ - For the fourth consecutive year, the Employers Council has released its Report Card on Quebec Prosperity, which aims to evaluate and compare Quebec's economic positioning in terms of prosperity and wealth creation.
At today's press conference announcing details of the 2013 Report Card, Employers Council president Yves-Thomas Dorval, appealed to members of the National Assembly - from every political party - to act diligently, in tandem with businesses and other vital forces in society, to help Quebec meet the many challenges it currently faces, in a concerted effort to improve the province's economic performance.
"As clearly noted in the 2013 Report Card on Quebec Prosperity and in many other more recent economic indicators, as well as in some of the news headlines of late, there is an urgency to collectively combine our efforts so that Quebecers can aspire to a better long-term future," stated Mr. Dorval. "Courageous and responsible decisions must be made today to ensure sustainable prosperity for future generations, enabling them to continue to enjoy an unequalled quality of life. Accordingly, we believe attacks against business investment projects, or adopting moratoriums or holding debates that aren't a priority should be avoided. Instead, there should be an encouragement of constructive action, whether it pertains to manpower, taxation, or business environment regulations. Quebec also needs to implement a business plan that would enable the province to excel in the global market."
Mr. Dorval added: "Together, we're all going to have to face many challenges in the coming years that extend beyond partisan lines - issues that include: the aging demographic and its impact on our collective productivity; our ability to generate local or new private investments; providing the means to stimulate entrepreneurship; and our public finances situation. In this sense, economic prosperity isn't a threat for citizens, it's a way of conveying real freedom to people that enables them to make the appropriate decisions. But you can't achieve prosperity without successful businesses that invest, and you can't have businesses that are sustainably successful without having favourable conditions for this to occur."
Troubling indicators
In publishing its Report Card on Quebec Prosperity, the Employers Council provided media representatives with additional tables, resuming some essential information for a clearer understanding of the current situation. Compared to the average of three other of Canada's most populated provinces (Ontario, Alberta and British Columbia), Quebec has a 25% lower gross domestic product per capita (PPP); average salaries that are 16% lower; a 4% lower employment rate; 17% lower productivity level; 5.4% lower private investment rate; 10.5% lower home ownership rates; 18% fewer housing starts and a 30% higher public debt.
Determinant factor situation remains the same
The 2013 edition of the Report Card shows that, despite a few significant improvements - notably the marginal effective tax rates on business investment and the average age of investments in public infrastructures - the situation is largely unchanged from last year's Report.
As a result, the Employers Council has again this year given Quebec an overall mark of "C", based on an assessment of each of the prosperity determinants.
| Availability and quality of labour: | C | ||
| Cost of labour: | C - | ||
| Regulation: | D | ||
| Public finances: | C | ||
| Business environment: | C | ||
| Average: | C |
It is important to remember there is nothing political about the issuing of this Report Card, since the indicators used are from the organization itself. Still, it can help governments make wise decisions for Quebec's future.
New features in the 2013 edition
The updated Report Card has two new features this year: data on the length of educational activities and information derived from a comparative tax analysis.
The Report Card on Quebec Prosperity, published by the Quebec Employers Council since 2010, compares Quebec's wealth creation performance to that of three other of Canada's most populated provinces and numerous OECD countries. For this purpose, more than 20 indicators have been selected and grouped in five "determinants of prosperity" matching the areas the Employers Council is involved in, namely the availability and quality of labour, the cost of labour, regulation, public finances and the business environment. The assessment is based on empirical data in the study for each indicator and determinant, along with a grade for the overall average.
The Employers Council's 2013 Report Card on Quebec Prosperity is available on the organization's website (www.cpq.qc.ca).
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The Quebec Employers Council brings together many of Quebec's largest companies and the vast majority of sector-based employers' groups, making it Quebec's sole employers' confederation.
PDF available at: http://stream1.newswire.ca/media/2013/09/24/20130924_C9864_DOC_EN_31238.pdf
PDF available at: http://stream1.newswire.ca/media/2013/09/24/20130924_C9864_DOC_EN_31239.pdf
SOURCE: Conseil du patronat du Québec
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