Canada Must Fight to Retain Talent After Biden Enters White House, Macklem Says

Canada’s Central Bank Governor Tiff Macklem said Tuesday the Canadian government will face a fight to retain and attract top talent in the face of the new US administration.

The protective policies and attitudes emanating from US President Donald Trump have made Canada a more attractive destination for global talent over the past four years.

But the advantage for international students and workers is likely to disappear when Trump leaves, Bank of Canada governor Tiff Macklem said in a speech to the Greater Vancouver Board of Trade.

He said that the newcomers could help boost the economy and increase exports of goods and services needed to recover from the COVID-19 pandemic. Canadian schools and companies may have to fight harder to attract and retain talent after Joe Biden is sworn in.

But Macklem warns that just looking for talent is not enough to create a sustained recovery, noting that governments must also invest in infrastructure and remove internal trade barriers to help export. import recovery.

He said federal and provincial governments had cooperated frequently throughout the pandemic, suggesting that it could eventually lead to an end to inter-provincial trade barriers that hinder the movement of goods. chemistry, services and specialists.

Government infrastructure spending should focus on trade enhancement infrastructure so that exporters know there is a way to easily market their products.

Recovery so far accounts for just over 80% of the three million jobs lost and output is rising close to pre-pandemic levels.

Macklem said much of that recovery was driven by household spending, but the country will need to see an increase in exports and business investment if it wants a sustained recovery.

What’s needed is for companies to think about what products are in demand in fast-growing markets, Macklem said. He pointed in his speech to digital services like online education and e-commerce, or applying new technology to traditional sectors.

He also said that the export potential for green technology is very high due to global climate change concerns.

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