Five things on radar of federal government’s economic growth council

OTTAWA — Dominic Barton, chair of the federal government’s growth council, gave an update this week on what these economic advisers have on their radar as they look for ways to improve long-term growth.

Here are five areas that Barton said the influential council has explored — or will explore — that could help the economy:

1. How to tap into the massive, emerging middle class in Asia and parts of Africa. Barton said there’s a “huge economic power shift” toward these regions, which will be home to 2.4 billion new middle-class consumers who want to eat and live like their counterparts in other parts of the world. “That is an unprecedented number — it’s 1,000 times larger than the industrial revolution,” he said.

2. Opening Canada’s doors wider. He said the country must seek more trade deals. Barton noted that Mexico, with 40 trade agreements, is more of a hub than Canada. On foreign direct investment, he said Canada is one of the most restrictive jurisdictions in the world. The country must invite investors from abroad and make it easier for them to invest. “We are punching way below our weight on attracting capital,” he said.