COVID-19 Economic Strategy

CME welcomes support for Canadian financial system; recommends further stimulus action

OTTAWA (March 14, 2020) – CME applauds Finance Minister Morneau’s announcement of the creation of a $10 billion credit facility to lend money to businesses impacted by COVID-19. This, in conjunction with a further overnight rate cut by the Bank of Canada, are necessary measures to ensure business access to credit. However, severe economic headwinds remain. Manufacturers and workers need further fiscal stimulus measures.

“While some sectors of the economy can shift delivery models, including working remotely, and continue with minimal impacts, manufacturers cannot. The production workforce can’t work from home. The local and international supply chains of production components will become restricted and their customers will limit purchases.”  said Dennis Darby, President & CEO of CME.  “It is clear that the manufacturing sector, which represents a third of Canada’s GDP, will be severely affected.”

CME has developed a series of public policy recommendations designed to help the manufacturing sector and the broader economy weather this crisis. “We encourage the government to adopt our recommendations in an effort to blunt those economic impacts and enable the Canadian economy to keep functioning and rebound once the crisis has passed,” added Darby. “This is a unique economic crisis that required decisive and exceptional solutions.”

CME’s plan for all of government levels focuses on:

  • Temporary cuts to payroll tax and other government fees
  • Helping manufacturers stay afloat through grants
  • Universal access to support programs with minimal red-tape

ABOUT CANADIAN MANUFACTURERS & EXPORTERS

Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and, compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies who account for an estimated 82 per cent of manufacturing output and 90 per cent of Canada’s exports.

FOR MORE INFORMATION, PLEASE CONTACT

Stefi Proulx
Director of Communications
Canadian Manufacturers & Exporters
C:  613-292-6070 | stefi.proulx@cme-mec.ca | @CME_MEC