Canada91裸聊视频檚 economy was headed for slowing growth in the next decade even if COVID-19 had never hit, according to a new report by Deloitte Canada.
The report, which looks at more than 1,000 variables to predict how Canada91裸聊视频檚 economy will look in 2030, suggests that the country will need more workers 91裸聊视频� with greater productivity 91裸聊视频� to get the economy chugging at a fast enough pace to pay for climate change initiatives and government investments without raising taxes.
91裸聊视频淲e believe Canada is the best place in the world to live and work and do industry. If we continue on our current path, that is compromised or in jeopardy,91裸聊视频� said Deloitte Canada chief executive Anthony Viel.
The consulting and audit firm91裸聊视频檚 report comes as the government is laying out ambitious plans to spur the economy forward after the COVID-19 pandemic 91裸聊视频� and ensuing lockdown 91裸聊视频� left a record number of Canadians jobless. Last week91裸聊视频檚 speech from the throne suggested that the government will look toward clean energy investments, as well as disability and jobless supports, in its recovery plan.
Deloitte Canada did not directly address the throne speech in its report. But the firm predicts even a complete return to pre-pandemic 91裸聊视频渘ormal91裸聊视频� would cause economic growth to slow to 1.7 per cent per year in the next decade. That91裸聊视频檚 below the past decade91裸聊视频檚 average of 2.2 per cent growth 91裸聊视频� which was already lower than the 3.2 per cent growth in the decade leading to the 2008 and 2009 recession.
Amid a low fertility rate 91裸聊视频� at a time when the share of Canadians over age 65 is expected to nearly double 91裸聊视频� Canada needs to be more inclusive of groups that are underemployed in the economy, the report found. Getting marginalized groups better integrated in the workforce can grow the tax base and help the government avoid raising tax rates, said Georgina Black, Deloitte Canada91裸聊视频檚 managing partner of government and public services.
Deloitte91裸聊视频檚 forecast suggests that the country could replace its retiring workforce by improving employment options for 88,500 women; 377,300 Canadians over age 65; 700,000 immigrants; 517,657 people with disabilities; and between 38,000 and 59,000 Indigenous Canadians.
The theory, Deloitte91裸聊视频檚 report said, is that boosting the number of hours worked in the economy would lift the pace of yearly economic growth by 50 per cent, adding $4,900 to Canadians91裸聊视频� average annual income by 2030, Deloitte estimated.
For instance, Deloitte cited a survey suggesting that more than 600,000 Canadians with disabilities said they would look for work if minor workplace barriers were removed.
91裸聊视频淢any of these inequalities have worsened during the pandemic, with women and under-represented groups far more likely to become unemployed than men or non-racialized groups,91裸聊视频� the report said.
Deloitte suggests companies need better disability accommodations and workplace inclusion policies, and should add childcare as a benefit package, noting that during COVID-19, women91裸聊视频檚 workforce participation dipped to 55 per cent for the first time since the mid-1980s as childcare options dwindled.
In Deloitte91裸聊视频檚 ideal recovery scenario, schools would offer better apprenticeship options and retraining programs for older workers in shrinking industries, and governments would invest in rural internet infrastructure and childcare for working parents. Regulators would step in under Deloitte91裸聊视频檚 plan and allow skilled immigrants to use their foreign credentials and degrees. Canada loses as much as $50 billion each year that could be contributed by underemployed immigrants, the firm said.
Despite requiring the government to spend money and set incentives for employers, Deloitte claims that its proposal would boost government revenues by nine per cent without raising taxes.
91裸聊视频淢ore workers and more incomes means more taxes and more investment,91裸聊视频� said Viel.
Canadian businesses also need to invest more in technology and late-stage startups, and Deloitte suggested investments should be focused on a few high-growth industries where Canada can be a leader, such as construction, medical equipment and computer system design.
91裸聊视频淕overnment and business (need to) create the conditions where companies want to invest here and not in another country, 91裸聊视频� said Black.
Anita Balakrishnan, The Canadian Press
