According to a recent study from the big brains at McKinsey & Company, the competitiveness of Canada’s economy has tumbled over the last 25 years. First up, the bad news:
Thankfully — as MaRS gets to see every day — the country also possesses considerable strengths.
According to McKinsey’s analysis, Canada possesses a competitive advantage in both human resources and natural resources (one of only three countries in the world thus blessed — along with Norway and Australia). We control the world’s second largest oil reserves, the third largest forestry reserves and enormous quantities of water and mineral rights. The OECD ranks the Canadian educational system as the world’s fifth-best. We’re also fourth on the UN’s Human Development Index (though we ranked #1 from 1994-2000).
However, the report offers far more than pages of analysis. It’s also deliberately and explicitly prescriptive – laying out a series of focused, compelling steps that government, industry and innovation stakeholders should take to enhance Canada’s economic competitiveness. The recommendations are clustered around the themes of (1) capital (2) collaboration and (3) culture – language very close to our heart (and perhaps this shouldn’t surprise, since the report includes an expanded shout-out to MaRs on p.33). Here’s a few that struck especially close to home:
A lot to digest here — and I’ve only listed a smattering of the ideas articulated in this crisply-written 48-page report (plus appendices). With the Canadian and global economies experiencing significant turbulence, the report makes for timely reading, and it deserves the widest possible audience.