Saturday, January 28, 2023
No Result
View All Result
  • Media
Support Us
Macdonald-Laurier Institute
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
    • Jobs
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy Program
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Energy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Foreign Policy Program
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs Program
  • Projects
    • COVID and after: A mandate for recovery
    • COVID Misery Index
      • Beyond Lockdown
    • Provincial COVID Misery Index
    • Centre for Advancing Canada’s Interests Abroad
      • Dragon at the Door
      • The Eavesdropping Dragon: Huawei
    • An Intellectual Property Strategy for Canada
    • Speak for Ourselves
    • Canada and the Indo-Pacific Initiative
    • DisInfoWatch.org
    • The Transatlantic Program
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Talkin’ in the Free World with Mariam Memarsadeghi
    • Past Projects
      • Justice Report Card
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Inside Policy Magazine
      • Inside Policy Back Issues
      • Inside Policy Blog
    • Papers
    • Columns
    • Books
    • Commentary
    • Straight Talk
    • Video
    • Multimedia
    • Podcasts
    • Leading Economic Indicator
    • Labour Market Report
    • MLI in the Media
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
    • Jobs
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy Program
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Energy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Foreign Policy Program
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs Program
  • Projects
    • COVID and after: A mandate for recovery
    • COVID Misery Index
      • Beyond Lockdown
    • Provincial COVID Misery Index
    • Centre for Advancing Canada’s Interests Abroad
      • Dragon at the Door
      • The Eavesdropping Dragon: Huawei
    • An Intellectual Property Strategy for Canada
    • Speak for Ourselves
    • Canada and the Indo-Pacific Initiative
    • DisInfoWatch.org
    • The Transatlantic Program
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Talkin’ in the Free World with Mariam Memarsadeghi
    • Past Projects
      • Justice Report Card
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Inside Policy Magazine
      • Inside Policy Back Issues
      • Inside Policy Blog
    • Papers
    • Columns
    • Books
    • Commentary
    • Straight Talk
    • Video
    • Multimedia
    • Podcasts
    • Leading Economic Indicator
    • Labour Market Report
    • MLI in the Media
No Result
View All Result
Macdonald-Laurier Institute

Canada needs a growth target – Let’s double GDP by 2050: Philip Cross in the Financial Post

October 25, 2021
in Columns, Domestic Policy Program, Economic policy, Experts, In the Media, Issues, Latest News, Library, Philip Cross
Reading Time: 2 mins read
A A

We have targets for immigration, inflation and deficits — why not economic growth? writes Philip Cross in the Financial Post. Below is an excerpt from the article, which can be read in full here. 

This article is based on a recent MLI publication titled, “Doubling GDP by 2050.” 

By Philip Cross, October 25, 2021

Targets to guide government actions are nothing new. For decades, the federal government has set annual targets for the number of immigrants it wants. Inflation targeting is the foundation of the Bank of Canada’s monetary policy. Hard budget deficit targets helped governments deal with the fiscal crises of the 1990s and may yet prove indispensable in dealing with today’s record deficits.

Given the demonstrated usefulness of targets, government needs to set a long-term goal for Canada’s GDP. GDP is the key to creating the incomes that drive employment growth and generate the tax revenue to finance most government operations. In a new paper for the Macdonald-Laurier Institute, I argue we should set a goal of doubling Canada’s 2020 real GDP so as to hit $4.0 trillion by the year 2050. Doing so would require annual real GDP growth of 2.5 per cent on average, which is just 0.3 percentage points above what we recorded over the last decade.

People regularly underestimate how small changes in growth rates can produce greatly different outcomes when compounded over long periods. Increasing annual growth by a factor of five (from one to five per cent) results in over seven times more GDP growth after just two decades. Conversely, the reduction in average annual growth from 3.0 per cent in the decade from 1991 to 2000 to 2.2 per cent in the 2010s helps explain the difference between an era of burgeoning budget surpluses, booming investment, and soaring optimism versus today’s chronic budget deficits, faltering investment, and rampant pessimism about the future.

***TO READ THE FULL ARTICLE, VISIT THE FINANCIAL POST***

Tags: economic policyeconomyGDPPhilip Cross
Previous Post

Webinar Panel Video: Digging Deeper – How Canada can seize global leadership on critical minerals

Next Post

Green policies have denied opportunities to First Nations, without any benefit to the planet: Chris Sankey in the National Post

Related Posts

Canada can help Ukraine in better ways than sending tanks: Richard Shimooka in the Hub
Columns

Canada can help Ukraine in better ways than sending tanks: Richard Shimooka in the Hub

January 27, 2023
Just as Canadians see smartphone bills head down, the cost of watching online content on them may be going up: Peter Menzies in the Financial Post
Columns

Want cheaper cellphone bills? Allow more foreign investment in telecoms: Aaron Wudrick in the National Post

January 27, 2023
Face it, millennials – There is no realistic alternative to capitalism: Philip Cross in the Financial Post
Columns

Face it, millennials – There is no realistic alternative to capitalism: Philip Cross in the Financial Post

January 27, 2023
Next Post
Green policies have denied opportunities to First Nations, without any benefit to the planet: Chris Sankey in the National Post

Green policies have denied opportunities to First Nations, without any benefit to the planet: Chris Sankey in the National Post

Macdonald-Laurier Institute

323 Chapel Street, Suite #300
Ottawa, Ontario
K1N 7Z2 Canada

613.482.8327

info@macdonaldlaurier.ca
MLI directory

Follow us on

Newsletter Signup

First Name
Last Name
Email Address

Support Us

Support the Macdonald-Laurier Institute to help ensure that Canada is one of the best governed countries in the world. Click below to learn more or become a sponsor.

Support Us

Inside Policy Magazine

  • Current Issue
  • Back Issues
  • Advertising
  • Inside Policy Blog
  • Privacy Policy

© 2021 Macdonald-Laurier Institute. All Rights reserved.

No Result
View All Result
  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
    • Jobs
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy Program
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Energy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Foreign Policy Program
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs Program
  • Projects
    • COVID and after: A mandate for recovery
    • COVID Misery Index
      • Beyond Lockdown
    • Provincial COVID Misery Index
    • Centre for Advancing Canada’s Interests Abroad
      • Dragon at the Door
      • The Eavesdropping Dragon: Huawei
    • An Intellectual Property Strategy for Canada
    • Speak for Ourselves
    • Canada and the Indo-Pacific Initiative
    • DisInfoWatch.org
    • The Transatlantic Program
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Talkin’ in the Free World with Mariam Memarsadeghi
    • Past Projects
      • Justice Report Card
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
      • Great Canadian Debates
  • Latest News
  • Libraries
    • Inside Policy Magazine
      • Inside Policy Back Issues
      • Inside Policy Blog
    • Papers
    • Columns
    • Books
    • Commentary
    • Straight Talk
    • Video
    • Multimedia
    • Podcasts
    • Leading Economic Indicator
    • Labour Market Report
    • MLI in the Media

© 2021 Macdonald-Laurier Institute. All Rights reserved.

IDEAS CHANGE THE WORLD!Have the latest Canadian thought leadership delivered straight to your inbox.
First Name
Last Name
Email address

No thanks, I’m not interested.