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Top 10 barriers hurting economy: Canadian Chamber of Commerce

Top 10 barriers hurting economy: Canadian Chamber of Commerce

Canada is struggling to remain competitive. Despite its efforts, our country’s level of productivity and, in turn, its level of economic prosperity continues to decline. In its 2014-2015 Global Competitiveness Report, the World Economic Forum ranked Canada 15th in global economic competitiveness—down one spot from 2013-2014 and 2012-2013 and down three from 2011-2012.

In 2012, in consultation with its members, the Canadian Chamber of Commerce launched the Top 10 Barriers to Competitiveness. This ongoing initiative aims to direct attention to the key impediments that are preventing Canadian businesses from reaching their full potential and, in turn, Canada from improving its productivity and economic prosperity. Through this initiative, we are bringing these barriers to the forefront and are urging all levels of government to act more swiftly to improve our country’s ability to compete globally.

The need for action is urgent. The standard of living of every Canadian depends on how well we as a people respond to the challenge. We must identify and implement real, tangible solutions for breaking down the barriers to our competitiveness and for creating more opportunities and greater prosperity for Canadian businesses and families.

Top 10 Barriers to 

Competitiveness:

1. Silos in skills development

2. Entrepreneurs lack capital for Canada’s fastest-growing companies

3. Lack of clarity regarding duty to consult with Aboriginal peoples

4. Internal barriers to trade

5. Canada’s tax system is too complex and costly

6. Canadian trade is constrained by infrastructure deficiencies

7. Canada is uncompetitive in the world’s tourism sector

8. Innovation rate is not sufficient to help manufacturing rebound

9. Territorial businesses don’t have the tools they need

10. Canada is missing out on foreign trade opportunities.

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