Charlottetown, PE (December 15, 2021) – The Greater Charlottetown Area Chamber of Commerce views yesterday’s Economic and Fiscal Update delivered by Deputy Prime Minister Chrystia Freeland with a level of skepticism, noting the federal government failed to provide a robust economic growth plan.
“The Chamber welcomes the federal government’s targeted supports for businesses in the hardest-hit sectors and investments in finishing the fight against COVID-19,” said Robert Godfrey, CEO of the Chamber. “However, the Economic and Fiscal Update provided little indication of what to expect in the 2022 federal budget and lacked a long-term economic vision for Canadians.”
The Chamber welcomes several key elements within the update:
- Enhanced business supports such as the Tourism and Hospitality Recovery Program and the Hardest-Hit Business Recovery Program.
- Introduction of the Small Businesses Air Quality Improvement tax credit for small businesses to support ventilation improvements.
- Providing enough vaccines for all eligible Canadians to receive a third dose.
- A lower-than-expected budget deficit and a decreasing trajectory of Canada’s deficit-to-GDP ratios.
The Chamber also notes that while the federal government announced the recovery of 106 per cent of jobs lost at the peak of the pandemic, over one million Canadian jobs remain unfilled, and this continued workforce shortage is hurting businesses and their employees.
“Despite the continued impacts of the pandemic, it is important for the federal government to make economic growth a priority moving forward,” said Godfrey. “Our members share a concern for our country’s rising inflation, levels of debt and workforce shortages, and we encourage the government to devise a plan to tackle these issues.”
To review the Deputy Prime Minister’s Fall Economic Statement, click here.
About The Chamber:
The Greater Charlottetown Area Chamber of Commerce connects business and community and is PEI’s largest business advocacy organization with more than 1100 members. For more information on the Chamber, visit www.charlottetownchamber.com.
Policy and Communications Manager