NATIONAL BANK FINANCIAL – 2018 ECONOMIC LUNCHEON, OCTOBER 17TH
Stéfane Marion – Chief Economist and Strategist
- Canada has dropped to 12th place vs 10th place Y/Y in the World Economic Forum’s Global Competitiveness Index. Of G7 countries, only France and Italy rank lower. Canada needs to:
- increase investment in research and development
- aggressively court highly skilled workers
- lower barriers to trade (including interprovincial barriers)
- facilitate training and/or recognize foreign qualifications
- increase infrastructure spending significantly (Canada now ranks 25th, spending less than 4% of GDP)
- introduce new corporate tax measures to level the playing field with the US
- Canada has the highest inflow of workforce-ready immigrants in the OECD.
- Canada has the world’s largest share of population (aged 25-34) with post-secondary education.
- Emerging markets account for almost 60% of global GDP compared to 42% during the Asian Crisis of 1998.
- 44% of sales for S&P500 listed companies now come from outside the US.
- The current US business cycle is now a record 130 months.
- US has more job openings than unemployed people.
ASTRONAUT CHRIS HADFIELD, SCOUTS LEADERSHIP DINNER, OCTOBER 18TH
- As a leader you can make things happen; first you need to change yourself, then you inspire people to follow.
- When JFK announced the space program, the US was starting from scratch. 8 years later they were on the moon.
- When Neil Armstrong couldn’t follow NASA’s moon landing plan, his leadership ability created a successful landing with only 16 seconds of fuel left in the Eagle!
- The International Space Station is partnered with enemies of the past. To effectively lead an international team, Chris understood that different leadership is required to achieve different results.
- We need to inspire our young people for our future.
- We learn through failure.
- No one wants to be afraid, so you need to be competent and train continuously. The odds of death on his lift-off were 38 to 1.
- The shuttle has 80 million horsepower…you are going somewhere fast! In the first stage you are going 8 km/second, in the second stage you are at Mach 25.
- Only 12 spacesuits exist, each suit weighs 240 lb and they are incredibly expensive.
- You see 16 sunrises and sunsets in 24 hours.
- Our atmosphere is thinner than one layer of an onion and we are corrupting it.
- The first ticket for driving and consuming cannabis was issued within 1 hour of legalization in Winnipeg.
- US Transportation Security Administration is increasing use of facial recognition and other biometrics to improve accuracy and speed wait times at airports.