Between 2016 and 2019, an almost unprecedented chorus of business leaders warned about Canada’s lagging competitiveness and declining attractiveness to entrepreneurs, business owners and investors.
For instance, in 2018, David McKay, CEO of the Royal Bank of Canada, said Canada has a “critical competitiveness challenge” that should be addressed with “tremendous urgency,” adding that capital was leaving the country in “real time.” Brian Porter, CEO of Scotiabank, the country’s most internationally-oriented bank, warned both that Canada was losing its “competitive advantage” and that Kinder Morgan’s decision to sell the Trans Mountain pipeline could have a “broad chilling effect” on foreign investment. David Dodge, former governor of the Bank of Canada, said Canada was “shooting itself in the foot” in terms of competitiveness. And finally, Steve Williams, then-CEO of Suncor, one of the world’s largest energy companies, indicated his company was reducing investment in Canada because of our regulatory system and general lack of competitiveness.
Unfortunately, at every turn the Trudeau government’s response has been that everything is fine. When questioned about the high cost of doing business in Canada and growing concerns about the country’s ability to attract investment, Morneau declared that “for an investor sitting outside of this country they can see that this is a place to do business” and he repeatedly stated that: “Our plan is working. We’ve seen real improvements.”
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