In times of economic uncertainty, it’s easy to romanticize the past. However, in the face of slow growth and increasing geopolitical challenges, British Columbia cannot afford to cling to outdated economic frameworks.
Instead, we must adopt innovative economic strategies that address the unique challenges of today and lay the groundwork for a prosperous future.
The current provincial government, operating within its available tools, has implemented several policy measures aimed at economic stabilization and growth. For instance, the elimination of Medical Services Plan (MSP) premiums has helped alleviate a financial burden for both individuals and businesses, making health care more accessible while increasing disposable income.
The reduction in small business taxes has also provided necessary support to entrepreneurs and small enterprises. Additionally, the Manufacturing Jobs Fund has been focused not only on preserving existing jobs but also on creating new opportunities in sectors vital to our economic future.
While these efforts are important, they highlight the inherent limits of government action alone and underscore the need for broader collaboration across sectors to achieve sustainable, long-term growth.
Government alone cannot drive economic growth. The future of ÎÚÑ»´«Ã½’s economy hinges on a new type of collaboration between the public sector and industry.
Economic growth must be a shared endeavour, aligned around common priorities that benefit all British Columbians. This means fostering partnerships that support regional economic development, connecting local initiatives with provincial strategies to strengthen supply chains and create interconnected networks of growth.
This approach is not about zero-sum outcomes where one region’s gain is another’s loss. Instead, it’s about recognizing that multiple avenues of growth can coexist and mutually reinforce each other. By building ÎÚÑ»´«Ã½-based ecosystems where new economic developments can thrive while not abandoning fundamental economic drivers that exist now, we create a more resilient province that attracts investment and fosters innovation.
In this model, the focus must be on creating a future where British Columbia leads in a rapidly changing and hugely competitive global economy. The stronger we are provincially, the greater capital can be attracted – and retained.
However, a return to the limited and narrow economic development approaches of the past would not only hinder innovation but also reinforce cycles of poverty and exclusion that have long plagued marginalized communities.
Economic nostalgia often ignores the fact that past models frequently excluded Indigenous peoples and other vulnerable groups, leading to significant losses in economic growth and productivity. As the ÎÚÑ»´«Ã½ Assembly of First Nations argues, when Indigenous communities are excluded from economic participation, the province loses out on potential contributions that could significantly enhance its economic output.
The exclusion not only deprives these communities of economic opportunities but also perpetuates cycles of poverty, limiting overall provincial growth. By adopting an inclusive approach to economic development, British Columbia can tap into the full potential of its diverse population, ensuring that everyone has the opportunity to contribute to and benefit from economic success. This is not just a moral imperative but an economic necessity if we are to build a stronger, more resilient province.
As we move forward, it's imperative that we leave behind the allure of past economic models and embrace a future-oriented mindset. The policies and partnerships we build today will determine whether British Columbia can navigate the challenges of tomorrow and emerge stronger, more innovative, and more inclusive.
Katie Shaw, principal, Earnscliffe Strategies, is a public policy and stakeholder engagement specialist.
