Canada must ‘reinvent’ economy like it did in 1945, finance minister says
Global News
Champagne said the government’s efforts will be focused on 'using technology, delivering better services, making sure that Canadians find value for money.'
The time has come for Canada to reinvent its economy like it did in 1945, Finance Minister Francois-Phillipe Champagne said on Thursday.
“I often make an analogy between 2025 and 1945. In 1945, Canada reinvented itself, and I think this is one of those moments,” Champagne said, referring to the post-war industrial and construction boom in Canada.
“It’s a moment when we have to reinvent the Canadian economy,” Champagne said, speaking to reporters at the Liberal cabinet retreat in the Greater Toronto Area.
The urging comes as Canada continues to navigate the trade war launched by U.S. President Donald Trump earlier this year, which imposed significant tariffs on Canada and multiple specific sectors.
In response, Prime Minister Mark Carney ran an election campaign urging Canadians to keep their “elbows up,” vowing he had a plan to pivot the Canadian economy away from closer ties with the U.S.
“We have done it before. Look at 1945, Canada turned completely to be this great industrial nation. We’re going to build on that. We’re going to look at new technology (such as) AI,” he said.
He added, however, that Canada’s public sector could see job cuts as the government tightens spending.
“There will be adjustment in different places,” Champagne said when asked if the government’s efforts to curb spending will lead to layoffs in the public sector.
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