A Prosperous West Requires all Levels of Government
22-Feb-2012CALGARY – Policy makers in western Canada have long been preoccupied with the idea of economic diversification and reducing the region’s dependence on natural resources. However, assumptions about economic diversification have changed considerably over the last 30 years. The global economic context in which the West operates has evolved and western Canada’s reliance on resources has evolved from a perceived weakness to an acknowledged strength. With that said, the latest research from the Canada West Foundation indicates that economic diversification is still a relevant objective in western Canada today.
Who Cares about Baskets? We’ve got Eggs! Diversification & Western Canada’s Economic Future by Michael Holden, Senior Economist, is the synthesis report from the Honourable James A. Richardson Discovery Roundtables, which gathered over 30 experts in economics, government and academia to examine the importance of economic diversification in the West today.
During these discussions, four themes and the role that governments could play in each emerged:
- Creating conditions for growth;
- Opening new markets
- Ensuring availability of high quality labour; and
- Fostering innovation and entrepreneurship.
“To be effective, diversification policies in western Canada need to play to the region’s existing strengths – specifically, our natural resources base,” stated Michael Holden, Senior Economist and author of the report. “Whether that means increasing value-added activity, accessing new markets or developing new streams of products and services, we need to recognize that the resources sector is the foundation of our present and future economic well-being.”
While diversification is still a significant objective in western Canada, participants indicated that the pursuit of economic growth and prosperity should be the primary goal. To achieve this, the provinces and the federal government need to collaborate with businesses and other stakeholders to develop and implement a common vision for the region. By ensuring that each level of government plays an active role, we can maintain a prosperous and stable West.
The Honourable James A. Richardson Discovery Roundtables were launched in 2006 to seek out new thinking to strengthen the voice of western Canadians and gain a sense of policy challenges to come. The annual roundtables are designed to engage a small group of individuals with a background in, and a passion for, the topic under discussion. In the fall of 2011, the Roundtables featured the topic of economic diversification and were held in Vancouver, Edmonton, Regina and Winnipeg.
Canada West Foundation is the only think tank dedicated to being the objective, non-partisan voice for issues of vital concern to western Canadians. For over 40 years, through its research and commentary, the Foundation has contributed to better government decisions and a stronger Canadian economy.
This report is part of the Canada West Foundation’s Capital Gains initiative, which focuses on enduring solutions for the western Canadian economy.
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For a copy of Who Cares about Baskets? We’ve got Eggs! Diversification & Western Canada’s Economic Future, or any other Canada West Foundation research paper, visit www.cwf.ca.For more information or to arrange an interview, please contact:
Rachael Strathern
Communications Team Lead
403-700-9535 communication@cwf.ca