Bank of Nova Scotia Chairman and CEO C.E. Ritchie addressing shareholders on the basic challenge facing Canada – competitiveness: The wealth of our nation is linked to natural resources. But, with some notable exceptions, we aren’t doing enough to upgrade their value. As Canadians adjust to the Free Trade Agreement, an overvalued dollar is making us uncompetitive; productivity is flagging; and private sector investment has to compete with government deficit financing for a limited pool of national savings.
Continuous innovation is the key to success in high-wage economies but our relative spending on research and development trails behind our peer group of industrial countries by an increasing margin. Finally, Canadian taxpayers are spending a fortune on education but we are not producing nearly enough of the skills needed to be competitive in the 21st century.
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