Canadian Economy Stymied by Gaps in Key Sectors

A new report from the Canadian Chamber of Commerce and PwC Canada has highlighted five key sectors that have the potential to drive economic growth in Canada, but are hindered by gaps in their value chains. The report, titled 'Beyond Potential: Turning Canada's Advantages into Growth and a Better Life for All,' examines the areas of artificial intelligence and quantum computing, mining and critical minerals, energy, defence, and agri-food.

The common challenge across these sectors is that while Canada has many strengths, it lacks key pieces in each value chain to accelerate economic growth. This includes gaps in growth-stage financing, commercialization, permitting, infrastructure, processing capacity, procurement, and specialized talent. Closing these gaps would help Canadian businesses scale, hire, and invest for long-term economic gain.

The report cites the example of critical minerals, where Canada has significant geological resources but relatively few projects are positioned to move quickly. It also notes that much of the processing capacity needed to turn minerals into strategic inputs exists elsewhere. In artificial intelligence, Canada was an early global leader in research and talent, but continues to struggle to turn that head start into globally scaled Canadian companies.

Candace Laing, President and CEO of the Canadian Chamber of Commerce, said, 'Competitiveness determines whether the next company gets built here, whether the next dollar of investment comes here and whether the next generation can find opportunity here.' Anita McOuat, National Managing Partner, Clients and Industries, PwC Canada, added, 'Canada holds one of the strongest hands in the global economy. In energy, critical minerals, AI, defence, agri-food, and most importantly, trust, the world wants what we have.'