This week, the federal government announced its $2.2 billion investment in a new industry to boost the competitiveness of the Canadian industrial sector.
But it has also set out a new goal of “turning our country into a global manufacturing powerhouse,” with a goal of cutting manufacturing’s share of global trade by 20% by 2030.
According to the Canada 2020 report, which will be released on Tuesday, a key objective of the industrial strategy is to increase the share of trade in goods between Canada and the U.S. by 25%.
The report points to several other indicators to help determine what to expect from the strategy: the share in trade of services in the U, the share for technology, and the share from manufactured goods.
In addition, the report predicts that in 2030, the U: 1) will be the largest economy in the world, and 2) will account for nearly a third of the world’s total GDP.
The economic impact of this will be felt across the entire Canadian economy, the Canada2020 report said.
It says the strategy will create more than $2 trillion in new economic activity over the next decade.
The report also includes a set of recommendations for the federal and provincial governments.
According to Canada2020, the economic impact will be most pronounced in the manufacturing sector.
“The manufacturing sector is expected to account for roughly 25% of total GDP by 2030,” the report said, citing the Organization for Economic Co-operation and Development.
For the manufacturing sectors, the strategy would:1) support a “strong manufacturing base,” as it aims to grow Canada’s manufacturing sector by 5.5% in 2030 and by 3.3% by 2040.2) boost the share that is made up of exports by 25% over the long-term.3) create new jobs in the sector by 10.6 million and boost the value of the sector’s manufacturing capacity by $1.6 trillion over the same period.
The report said the manufacturing strategy is “designed to support the continued competitiveness of Canada’s economy in a globalized, globalised, globalized world.”
It said the plan includes the following elements:1.
The “economic and strategic goals” are to achieve a 15% increase in manufacturing output by 2030, and by 2060.2.
The strategy is based on a “global manufacturing transformation” that includes:a) investing in the supply chain;b) creating a “world-class” Canadian manufacturing base;c) creating new jobs and investment opportunities in the Canadian manufacturing sector;d) increasing the level of competitiveness of manufacturing;e) supporting “the full employment of Canadian workers”;f) creating and strengthening Canada’s “national security and prosperity.”3.
The strategic objectives include:a.
supporting a “balanced trade” with Canada and other trading partners;b.
supporting the “globalization” of manufacturing and its competitiveness;c.
increasing trade and investment between Canada, the United States and other countries;d.
improving the efficiency and effectiveness of Canadian manufacturing;4.
The objectives include achieving the “economic, fiscal and social benefits” of the strategy, including:a.) reducing economic costs of manufacturing in the long term by 20%;b.) creating jobs and economic growth;c.) improving the “cost-effectiveness of trade.”
The Canada 2020 strategy has already been adopted in other countries, such as the United Kingdom, France and the Netherlands.
But the U and Canada are not the only ones to see a strong industrial sector grow.
China, the world leader in manufactured goods, saw its industrial sector double between 2000 and 2030.
China’s manufacturing industry grew by 15.3%, compared with just 1.4% for the United State, according to the Canadian Manufacturing Council.
China is now second only to the United U.K. in manufacturing, behind the United Sates.
The strategy is also seen as an economic win for China.
Canada2020’s report predicts the growth of China’s industrial sector will total about $8 trillion over 20 years, or an annual GDP growth rate of about 7.5%.
China’s growth has accelerated in the last two decades, particularly in recent years, as its economic growth has been driven by investment in technology, manufacturing and infrastructure.
Meanwhile, India’s manufacturing growth, while slow, has increased by a similar amount, with the country now producing more goods than China and the United states combined.
India also has a growing population and has emerged as the world capital of manufacturing, but it has struggled to keep pace with the United-Korean trade imbalance and other challenges.
China is also looking to diversify its economy away from one that relies on exports and one that needs to export in order to compete globally.
And the U-S.
has been growing faster than Canada over the last 20 years.
In addition to its role in building and maintaining a global economy, China