Manufacturing Can Lead Canada’s Economic Recovery
Manufacturers call for a Made-in-Canada promotion campaign, further leveraging of government procurement and infrastructure spending, and a national manufacturing strategy.
OTTAWA (June 22, 2020) – CME released today “Manufacturing our Future” a three-phased strategy to relaunch Canada’s manufacturing industry and create long-term economic prosperity for all Canadians.
Canada’s 90,000 manufacturers generate over 10 per cent of GDP, nearly two-thirds of merchandise exports, and 1.7 million jobs. “The manufacturing sector has the capacity to drive the Canadian economic recovery,” said Dennis Darby, President & CEO of CME. “CME developed a three-phase roadmap: respond, recover, and prosper, that will enable government to leverage manufacturing as part of their economic recovery plan.”
Unfortunately, despite many businesses ramping up or shifting production in response to the crisis, the majority of manufacturers report that their rate of output has fallen below normal since the onset of the COVID-19 crisis and expect it will remain below normal for the next 3-6 months, mostly due to a drop in demand. “The crisis is far from over and to be able to lead the recovery, manufacturers need the government to take bold action and create the right business conditions. The three-phase plan includes 9 actions including the continuation and expansion of government emergency support programs, critical to the success of the industry. Additionally, a Made-in-Canada promotion campaign would spur demand for Canadian products and help consumers make purchasing decisions that will support the domestic industry. Governments can also play a role in boosting demand for Canadian products by leveraging procurement and increasing infrastructure spending. But most importantly is the creation of a national manufacturing strategy to support Canada’s tremendous industrial potential.
“We are looking forward to collaborating with the government to put in place our recommendations and contribute significantly to the economic recovery,” says Darby.
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.