Author: Dr. Jason Bristow
Fifty-two of western Canada’s next generation of entrepreneurs and business leaders—all under 40 years of age—met in Calgary recently to discuss the factors they believe will shape the economy over the next 10 to 20 years.
Organized as part of the Canada West Foundation’s NEXT West Project, Generating Wealth: A Summit for Western Canada’s Next Generation of Business Leaders, also asked the participants what they want governments to be doing to help ensure that Canada’s economy is competitive over the long-term, and what they think the private sector should do to adjust to changing economic circumstances.
“Unlike a standard conference on economic policy, where most participants would be in their 50s or 60s and only a handful under 40, the Generating Wealth Summit reversed this and invited only people under 40 years of age,” Robert Roach, the Canada West Foundation’s Director of Research, said. “The result was a refreshing take on the regional economy, where it is headed and what public policy should be doing to ensure its long-term competitiveness.”
When asked what governments should do to help ensure that Canada’s economy is competitive, Summit participants identified the following priorities.
Show leadership and take the long-view
Greatly increase the speed of decision-making
Ensure that experts play a larger role in policy-making
Increase the availability of affordable housing
Do more to attract and retain workers
Expand Aboriginal participation in the workforce
Include finances and entrepreneurship in high school curriculum
Increase investment in universities and the knowledge economy
Increase immigration and recognition of foreign credentials and experience
Increase investment in communications infrastructure
Increase support technology and knowledge transfer
Improve tax incentives for emerging industries
Use tax incentives to encourage private investment in the creative economy
Reduce business taxes
Reduce the regulatory burden
Increase interprovincial cooperation and federal provincial cooperation
Increase support for diversification of the economy away from natural resources
Create a national securities regulator
Exercise fiscal discipline and keep public debt low