Federal economic statement focuses on pandemic response, long-term plan needed to build competitiveness and fiscal resilience
Calgary, December 15, 2021 – The fall economic update, tabled yesterday by Finance Minister Chrystia Freeland, illustrates the breadth and depth of government action required to address COVID-19 and lay a strong foundation for economic recovery.
“Businesses continue to feel the impacts of pandemic restrictions, particularly with inflation, supply chain challenges and labour shortages,” says Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. “If we can address these challenges in the coming months, Alberta will be well positioned to accelerate Canada’s economic recovery through diversification and clean energy transformation. The federal government can take full advantage of this generational opportunity by helping businesses reopen, scale-up and attract talent by ensuring Canada’s investment climate is competitive.”
Pandemic supports for businesses and a keystone investment in childcare alongside measures to address inflation and rising costs will advance business recovery. Several initiatives announced today begin to lay that groundwork:
Funding to procure rapid tests, implement proof-of-vaccination programs, and address ongoing pandemic challenges including income and business supports.
Targeted financial support to address supply chain challenges by increasing port capacity and introducing measures to relieve congestion.
A renewed mandate for Canada’s central bank to maintain its 2 per cent inflation target.
Investment in our immigration system to bring new, skilled workers to Canada.
There is more work ahead and, as the voice of Calgary’s business community, the Calgary Chamber is ready to work with the federal government to activate key initiatives:
Develop a clear deficit and debt reduction plan to ensure strong balance sheets and avoid untenable future tax burdens.
Further address skill gaps by investing in our talent pipeline and aligning initiatives with provinces, post-secondaries and businesses.
Bring action to climate ambitions through investment and incentives to commercialize decarbonizing and emissions reducing technology.
Review the Canadian tax system to strengthen long-term global competitiveness and ensure Canada is an attractive place to invest.
As recovery efforts move forward, we urge the federal government to work in partnership with businesses and other levels of government to ensure both pandemic response and economic investments are targeted, strategic and supported by a long-term, sustainable fiscal strategy. Looking ahead to 2022, the Calgary Chamber remains committed to working with the federal government to ensure a vibrant, inclusive and prosperous country that supports the priorities of our business community.
About the Calgary Chamber
The Calgary Chamber is an independent non-profit, non-partisan business organization. For 130 years, the Chamber has worked to build a business community that nourishes, powers and inspires the world.
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