{"id":11140,"date":"2025-04-25T18:58:42","date_gmt":"2025-04-25T18:58:42","guid":{"rendered":"https:\/\/www.rbc.com\/en\/?post_type=rbc_tl&p=11140\/"},"modified":"2025-05-20T20:54:38","modified_gmt":"2025-05-20T20:54:38","slug":"canadas-big-pivot","status":"publish","type":"rbc_tl","link":"https:\/\/www.rbc.com\/en\/thought-leadership\/the-trade-hub\/canadas-big-pivot\/","title":{"rendered":"Canada\u2019s Big Pivot"},"content":{"rendered":"\n
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\n

The Public Policy Forum is one of Canada\u2019s premier think tanks, and hosts an annual Growth Summit that tends to be at the pointy end of some pretty big issues.<\/p>\n\n\n\n

This year\u2019s summit, in Toronto, was all about what I\u2019d call the Big Pivot \u2014 and how we can make our economy more independent and resilient. Great conversations about investment, Indigenous equity, AI-adoption and more.<\/p>\n\n\n\n

Here\u2019s a few of the questions I took away:<\/p>\n\n\n\n

1. Do we need to win back investor confidence?<\/h3>\n\n\n\n

The answer seems to be yes. Too many of these conversations assume Canada is amazing in the world\u2019s eyes. Rhetoric is cheap. Credit is costlier. Keep an eye on how money is priced for Canada in the coming months.<\/p>\n\n\n\n

2. Can we increase competition while reducing reliance on America?<\/h3>\n\n\n\n

The U.S. tends to be the primary driver of competition, directly or indirectly. And there are not a lot of easy alternatives. European firms aren\u2019t likely to add a lot of juice to Canadian markets, and Chinese entrants are probably a non-starter. Perhaps our new competition needs to come more from within.<\/p>\n\n\n\n

3. Can governments play a more active economic role without wrecking the economy?<\/h3>\n\n\n\n

We have decades of mixed results but will likely give state corporations one more try, whether it\u2019s to build houses or expand pipelines.<\/p>\n\n\n\n

4. What the heck is \u201cnational interest\u201d?<\/h3>\n\n\n\n

A lot of those government investments will be made in the name of an ill-defined national interest. We\u2019re a nation of many regions, and one\u2019s interests are often not another\u2019s<\/p>\n\n\n\n

5. Why do Canadians shy away from risk?<\/h3>\n\n\n\n

I was struck by the number of conversations that eschewed risk. No country clamours to \u201cde-risk\u201d like this one, as if the key role of government is to bear the risks of the private sector and of individuals.<\/p>\n\n\n\n

6. How can we develop the Arctic without compromising it?<\/h3>\n\n\n\n

The summit included several key northern voices that stressed the need to not militarize the North the way we did in the 1950s and \u201860s. They\u2019re eager to defend Canada, on the ground and in the sky, but not at all costs, especially to their culture.<\/p>\n\n\n\n

7. How much do we want to exclude China?<\/h3>\n\n\n\n

Reducing our dependencies on the U.S. will require new markets and new sources of capital \u2014 and Europe won\u2019t be the answer, not on its own. Yes, there are plenty of options. It\u2019s a big world! But China is the biggest option, and one we need to develop a clearer relationship with.<\/p>\n\n\n\n

8. How do we balance economic ambitions with climate commitments \u2014 and the world\u2019s climate expectations?<\/h3>\n\n\n\n

We\u2019ve become so consumed with All Things Trump that we seem to forgot how the rest of the world is not turning itself upside down. Indeed, climate remains a serious concern from Japan to Germany \u2014 the markets we now eagerly want to serve \u2014 and we will have to ensure we\u2019re not misaligned.<\/p>\n\n\n\n

9. How can we align our duty to consult Indigenous communities with our ambition to build more faster?<\/h3>\n\n\n\n

There may never be a formula for consultation and the resulting consent \u2014 but we may be able to establish norms that will be widely accepted. Watchwords: \u201cspeed and certainty.\u201d<\/p>\n\n\n\n

10. How can we pool institutional capital for major projects?<\/h3>\n\n\n\n

We can continue to let market forces determine what gets financed, with a range of government supports and incentives. I don\u2019t think Canada will ever have a sovereign wealth fund. Or will we? Alternatively, can we move toward dedicated public-private investment vehicles that may draw inspiration from the Quebec model?<\/p>\n\n\n\n

The next few years will be unlike any few years we\u2019ve seen. So a lot of new thinking will be needed.<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

How to make Canada\u2019s economy more independent and resilient.<\/p>\n","protected":false},"author":79,"featured_media":11141,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"disable_focal_point":true,"featured_image_focal_point":{"x":0.5,"y":0.5},"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"rbc_tl_category":[198,208],"rbc_tl_tag":[],"class_list":["post-11140","rbc_tl","type-rbc_tl","status-publish","has-post-thumbnail","hentry","rbc_tl_category-the-trade-hub","rbc_tl_category-trade-hub-commentary"],"acf":[],"yoast_head":"\nCanada\u2019s Big Pivot - RBC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/the-trade-hub\/canadas-big-pivot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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