HALIFAX – The head of Scotiabank says Canada needs a “growth-first agenda” as the country finds itself at a crossroads.
Speaking at the bank’s annual general meeting in Halifax, chief executive Scott Thomson said it has become abundantly clear that for too long Canada has let its growth and productivity stagnate.
Thomson says it’s time to stop relying so much on external relationships that Canada has perhaps taken for granted, and instead build more capacity at home.
While avoiding directly commenting on U.S. tariffs and the hostility of the Trump administration, Thomson said the bank has not made knee-jerk reactions in the face of “evolving macroeconomic conditions” and has stuck with its plans in these volatile times.
He called for the removal of internal trade barriers in Canada and an emphasis on resource development including critical minerals, potash and especially energy exports.
Thomson said making the needed growth happen will require significant investment in infrastructure, growing the skilled workforce and finding efficiencies in building new projects.
This report by The Canadian Press was first published April 8, 2025.
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