Quebec Business Leaders Urge Bolder Action for Economic Growth

Quebec's economic ambition has been dwindling, according to high-profile business leaders who are calling on the province's future government to take bold action. The appeal comes from billionaire Andrew Lutfy, owner and CEO of fashion retailer Groupe Dynamite Inc., along with Alain Bouchard, founder and chairman of convenience giant Alimentation Couche-Tard Inc.

The business leaders are urging the next provincial government to set specific targets for gross domestic product (GDP) growth, aiming for 3% real GDP growth per year over several years and a $1-trillion economy by 2033. Currently, the province's finance department projects 0.7% real GDP growth this year and 1.4% next year.

Lutfy emphasized that Quebecers shy away from discussing wealth creation but must do so if they want to stop thinking small. He cited research showing Quebec ranks in the bottom 10% of Canadian provinces and US states on key prosperity performance indicators.

The business leaders also highlighted structural pressure points facing the province, including an aging population and the impact of President Donald Trump's protectionist trade agenda, which has made Quebec the biggest Canadian casualty. They called for deregulation, reducing the burden of outdated regulations, and a shift from providing subsidies to companies, which often benefits foreign-based corporations.