COVID response proves we can blaze path ahead

This is a chance to reflect, reset, Étienne Bruson writes.

As we head toward the end of 2020, a majority may be glad to see the year end.

Our world, our lives, and our businesses have been forever changed by the arrival of the COVID-19 pandemic, but that is far from the only challenge this year.

We were already grappling with significant economic decline ahead of COVID: the impacts of heightened racial tensions, political protests choking parts of our economy and, more recently, an oppressive haze of wildfire smoke serving as a visible reminder of the impacts of climate change.

Long before the upheaval of 2020, our province and our country were travelling down an increasingly stagnant path. From an economic perspective, one could say we were stuck in neutral, with our ability to thrive impeded by declining productivity and reduced growth.

But, in the face of our challenges, we as British Columbians and as Canadians have an unprecedented opportunity to rebound stronger, an opportunity to lay out a bold vision for what we want recovery to look like and to chart an innovative, purpose-driven course to get there.

Deloitte recently surveyed hundreds of business executives and youth leaders across the country as part of our recently released report, Catalyst: A vision for a thriving Canada in 2030. It charts a course for a stronger, more inclusive country — and makes it clear that this won't happen if we follow the same path as before.

With our slowing GDP, aging population, poor productivity gains and low level of investment, B.C. and Canada had been headed toward a stagnated standard of living, stalled progress and slowing growth amid an increasingly competitive and rapidly changing global economy.

The pandemic has exacerbated these issues and worsened existing inequalities. Yet it also gives us an opportunity to reflect and reset.

Using economic modelling, data and insights from the business community and youth leaders, we know there is a path for a brighter future. When we take action with the same urgency as we have responded to COVID-19, we will once again thrive.

Our 2030 vision for a thriving Canada presents a strategy for improving the economy, creating jobs and making it easier to attract talent. B.C. will be poised to take a leading role if we are willing to put forward a bold vision to get there.

It will require unprecedented levels of collaboration between governments, businesses, our education system and every British Columbian with a commitment to address the issues affecting people, industry and the systems that safeguard our society.

It begins with a renewed focus on people. By eliminating barriers faced by under-represented groups, such as women, Indigenous and racialized peoples, new immigrants and those with disabilities, our labour force would increase by nearly two million workers.

To achieve a brighter future, Canada must support its industries by accelerating investment in digital and physical infrastructure. We estimate between $11 trillion and $22 trillion is required over the next 50 years to secure a competitive advantage. In other words, investing in, and aggressively adopting, innovation.

We must urgently focus on a strategy that supports energy and manufacturing transitions toward decarbonization, while creating the conditions for promising sectors such as agriculture and food, life sciences, technology and clean energy to thrive. Bold action to strengthen the systems that support our society will also improve our resilience.

Governments must shape education toward developing skills employers demand by providing opportunities for practical experience and a clear pathway to employment by working much closer with business leaders.

We must better invest in our health care system. COVID-19 has allowed us a small glimpse into the infinite potential of how better use of data and technology can transform health care. We need to begin a conversation about going much further and faster down that road.

These are just some of the solutions to ensure we will be ready for a fast-changing economy, where our businesses have global ambitions, and where our society is inclusive, healthy and more resilient.

Now is the time to seize this once-in-a-generation opportunity to make an impact that matters, to drive the kind of change that will improve lives, build our economy and safeguard our environment for us and future generations.