Business Leaders Applaud Canada’s Excellent Performance in World Competitiveness Rankings

May 21, 1997

Canada’s CEO-based business organization, the Business Council on National Issues (BCNI), expressed strong satisfaction with the latest country rankings of global competitiveness released in Geneva today by the World Economic Forum.

Out of fifty-three countries, Canada ranked fourth — preceded by Singapore in first place, and Hong Kong and the United States in second and third place, respectively. Last year, Canada ranked eighth and the year previous, 16th.

“This remarkable improvement in Canada’s overall competitiveness,” noted BCNI President and Chief Executive, Thomas d’Aquino, “is due in large measure to the country’s success in rolling back deficits — but the improved ranking also is a powerful endorsement of market-oriented policies that encompass low inflation, free trade and a reduced role in the economy on the part of governments. Canadians have every reason to be pleased with this result. It was achieved, after all, with hard work and sacrifices on the part of so many.”

The World Economic Forum Competitiveness Index includes eight factors: openness, government, finance, infrastructure, technology, management, labour and institutions. Among the G-7 countries other than the United States, the United Kingdom ranked seventh, Japan 14th, France 23rd, Germany 25th and Italy 39th.

In 1992, the Business Council committed itself to the goal of helping to make Canada the best performing economy among the G-7 countries by the year 2000. “We are well on our way to meeting that commitment,” said Mr. d’Aquino. “Only the United States stands in our way.”

Mr. d’Aquino went on to warn, however, that “important obstacles still bedevil Canada. Public debt remains massive and a heavy yoke on present and future generations; unemployment is far too high; personal tax rates must be brought down as the fiscal situation continues to improve; education performance at all levels must be bolstered and corporate productivity must be strengthened. Furthermore, the secessionist threat in Quebec must be resolved to avoid damaging Canada’s much vaunted tradition of political stability.”

The Business Council on National Issues is a non-profit, non-partisan organization composed of the chief executives of Canada’s leading enterprises. Member companies administer in excess of $1.6 trillion in assets and have an annual turnover of some $500 billion, and are responsible for a large majority of Canada’s exports, investment, training and research and development.

The BCNI’s Executive Committee is composed of the following individuals: Peter J. G. Bentley, Chairman, Canfor Corporation; A. L. Flood, Chairman and Chief Executive Officer, CIBC; Thomas d’Aquino, President and Chief Executive, BCNI; Jean C. Monty, Vice Chairman and Chief Executive Officer, Northern Telecom Limited;
J. Edward Newall, Chief Executive Officer, NOVA Corporation; David P. O’Brien, Chairman, President and Chief Executive Officer, Canadian Pacific Limited; and Guy Saint-Pierre, Chairman of the Board, SNC-LAVALIN Group Inc. Mr. Flood is the BCNI’s current Chairman.

The Business Council on National Issues is a Partner Institute of the World Economic Forum and Mr. d’Aquino is the BCNI’s representative at the Forum. Mr. d’Aquino also heads the BCNI’s Competitiveness Initiative. Launched in 1990, it tracks Canadian competitiveness performance on an on-going basis.