Canada's economy is still growing, but at a projected 1.5 per cent for next year we aren't “knocking it out of the park.”
According to Trevin Stratton, chief economist and vice-president of policy and advocacy at the Canadian Chamber of Commerce, this number isn't far off from the rest of the world.
In his speech at a Dec. 3 Greater Sudbury Chamber of Commerce event, Stratton identified the challenges and opportunities Canada is facing globally and at home.
To address Canada's sluggish growth, Stratton suggested fixing our tax code and regulatory systems, increasing exports, investing in innovation and infrastructure, and training a modern workforce.
While job growth in the country is positive this year, certain regions have experienced more growth than others. In Northern Ontario, job growth has declined, and businesses continue to report difficulty attracting and retaining talent.
Rural communities, in particular, have difficulty attracting bodies, not just skills.
Stratton also made the connection between what was happening on the global stage to what is happening in Sudbury.
November saw the steepest monthly loss of nickel prices in eight years.
“This was partially due to the Indonesian ore export ban that caused a temporary rally, but then waned,” he explained.
“Part of it is also because of declining stainless steel operating rates in China due to trade tensions.”
Stratton said there is a huge opportunity for Sudbury to become a global hub for smart mining technology. With increased investment in innovation, the city could become a global success story for Canada and the world.