Economy main priority in election

Opinion

Hey there, time traveller!
This article was published 28/03/2016 (3487 days ago), so information in it may no longer be current.

Manitobans go to the polls April 19 to decide which party they believe has the best vision and plan to lead the province over the next four years.

There are many factors voters take into account when heading to the ballot box. Our organizations believe Manitobans should be considering which party has the best vision and plan to grow the economy when casting that important vote.

Over the last couple of years, much has been made about the Manitoba economy’s resilience to the global volatility that has created uncertainty and challenges in other provinces. According to a 2015 report released by the Conference Board of Canada, Manitoba was to be one of the leading provincial economies with its real gross domestic product to increase by 2.9 per cent in 2015 and a nation-leading three per cent in 2016.

From a sector perspective, the conference board predicted the construction industry to grow by almost 10 per cent annually over the next two years. Transportation and warehousing are expected to keep making strong gains of 3.4 per cent in 2015 and 3.9 per cent in 2016. The improving U.S. economy, the drop in the Canadian dollar and lower oil prices are also expected to contribute to boosting manufacturing-based exports and, following a difficult year in 2014, the agriculture sector is expected to continue to rebound.

Thanks to fairly strong population growth, demand for housing is rising and employment in Manitoba is expected to grow by two per cent. Retail sales are expected to grow by 3.6 per cent.

But while organizations such as the conference board predict Manitoba’s economy will lead the nation in growth in 2016, one has to wonder if we should expect more. The Manitoba government recently announced a rising provincial deficit of $773 million and Statistics Canada is showing a two per cent decrease in full-time employment from a year ago.

Based on recent developments and the potential opportunities before us, our organizations suggest Manitoba should be performing much better.

In today’s globally competitive business environment, it is imperative government create a climate that attracts new business and allows existing businesses to grow and thrive. For Manitoba to reach its full potential, we offer seven key public policy pillars we believe political parties must address in their 2016 provincial election platforms to demonstrate the political commitment to growing the provincial economy:

1. Fiscal competitiveness

Manitoba must have an effective and fiscally prudent government, committed to creating a competitive tax jurisdiction to attract and retain new investment.

2. Venture Capital

Commitment to the creation of an accessible venture capital fund and supportive tax-credit policies to leverage investment in the growth of new and existing businesses.

3. Global trade

Commitment to pursuing an expanded global trade profile for Manitoba that derives substantial economic benefit.

4. Infrastructure investment

Commitment to a strategic, sustained, disciplined approach to investment in Manitoba’s core infrastructure.

5. Aboriginal engagement

Commitment to the creation of an aboriginal engagement strategy to ensure inclusion and partnership in economic growth policies.

6. Skilled workforce

Commitment to attracting, educating, training and retaining a skilled, responsive workforce is fundamental to ongoing economic growth.

7. New fiscal deal for municipalities

Commitment to address the existing fiscal framework between the province and municipalities to meet the challenges of the future.

For Manitoba to achieve the level of growth and prosperity needed to take its economy to the next level, political leaders need share to share with residents their commitment to ensuring economic growth is the driving force behind decisions made.

Chuck Davidson is president of the Manitoba Chambers of Commerce. He wrote this on behalf of the Business Council of Manitoba, Canadian Manufacturers and Exporters, Manitoba Chambers of Commerce, Manitoba Heavy Construction Association, Manitoba Home Builders’ Association and Winnipeg Chamber of Commerce.