As the country slowly emerges from the COVID-19 pandemic, many are eagerly awaiting a clear reopening plan to guide us back to normalcy. To discuss this pressing issue, we spoke with Goldy Hyder, CEO of the Business Council of Canada (BCC), in an exclusive interview with Financial Post’s Larysa Harapyn.

Missed Opportunities in Fintech: Can Canada Catch Up?

While we delve into the importance of a reopening plan, it’s essential to acknowledge that Canada has faced its share of challenges in various sectors. The fintech industry is one area where our country could have capitalized on opportunities more effectively. A recent article highlighted this missed chance for growth and innovation.

What went wrong?

The fintech sector has witnessed significant growth globally, with companies like Stripe and Square leading the charge. However, Canada’s regulatory framework and funding landscape have hindered its ability to catch up. The lack of a unified fintech strategy and insufficient investment in emerging technologies have contributed to this gap.

Can we learn from international best practices?

Canada can certainly benefit from learning from other countries that have successfully integrated fintech into their economies. For instance, Singapore’s government has implemented various initiatives to support the growth of its fintech sector, including establishing a regulatory framework and providing funding for startups.

A ‘Weird’ Pandemic Problem: Shortage of Skilled Workers

The pandemic has created an unexpected challenge for businesses in Canada – a shortage of skilled workers. As companies prepare to reopen and adapt to new market conditions, they are finding it increasingly difficult to fill job openings with qualified candidates.

What’s behind this shortage?

Several factors have contributed to the skilled worker shortage, including changes in labor markets due to the pandemic, limited immigration policies, and an aging workforce. Businesses must now navigate these challenges while addressing pressing operational needs.

Expect Rapid Economic Growth in Canada after Third Wave

While the country faces various obstacles, many economists predict that Canada will experience rapid economic growth once it passes through the third wave of the pandemic. According to recent forecasts, Canada’s economy is expected to recover faster than expected due to government support and a rebound in consumer spending.

What factors are driving this growth?

Several factors are contributing to Canada’s anticipated economic recovery:

  • Government Support: The Canadian government has implemented various measures to support businesses and individuals affected by the pandemic. These initiatives, such as the Canada Emergency Response Benefit (CERB) and the Business Development Bank of Canada (BDC), have helped stabilize the economy.
  • Consumer Spending: As consumers regain confidence in the economy, they are likely to increase their spending on goods and services. This boost in consumer demand will drive economic growth.
  • Investment in Emerging Technologies: With a focus on innovation, Canada is investing heavily in emerging technologies such as artificial intelligence (AI), clean tech, and biotech. These sectors have the potential to drive significant economic growth.

How can businesses prepare for this growth?

To capitalize on the expected economic growth, businesses must:

  • Emphasize Innovation: Invest in research and development to create new products and services that meet evolving consumer needs.
  • Enhance Supply Chain Resilience: Develop flexible supply chains that can adapt quickly to changes in market demand.
  • Upskill and Reskill Workforce: Provide ongoing training and upskilling programs to equip employees with the skills required for a rapidly changing job market.

Conclusion

As Canada navigates its reopening, it’s essential to develop a clear plan that gives Canadians hope. While the country faces various challenges, including a shortage of skilled workers and missed opportunities in fintech, there are also signs of rapid economic growth on the horizon. By learning from international best practices, investing in emerging technologies, and upskilling their workforce, businesses can position themselves for success in this new era.

Recommendations

To create a comprehensive reopening plan that meets the needs of Canadians:

  • Develop a Unified Strategy: Collaborate with government agencies, industry associations, and community groups to create a unified strategy that addresses the country’s pressing challenges.
  • Invest in Emerging Technologies: Allocate resources to support innovation in key sectors such as fintech, clean tech, and biotech.
  • Upskill Workforce: Provide ongoing training and upskilling programs to equip employees with the skills required for a rapidly changing job market.

By taking these steps, Canada can create a thriving economy that benefits all citizens.