The biggest risk facing Canada right now is not tariffs from the United States, but complacency, said Laurent Ferreira, CEO of National Bank of Canada. He joined other top executives of Canada's Big Six banks in calling for a "wholesale reform" of the nation's economic and industrial policies.

Ferreira said at the bank's annual general meeting (AGM) on Thursday that the current economic environment had undergone "huge changes," with the risk of a global recession being "very real." To address this situation, Canada must "act quickly and decisively" to capitalize on its own strengths.

"With our abundant natural resources and dynamic energy sector, we can play an important role in addressing global challenges such as security and sustainability," he noted. "We need to support the development of strategic energy infrastructure in renewable energy and oil and gas sectors."

US tariffs have created a sense of urgency among Canadian businesses and politicians, prompting them to recognize the need to reduce reliance on the US and focus instead on developing domestic industries (such as natural resource development) to drive economic growth.

Recently, the CEOs of Canada's largest banks have also emphasized the necessity of sticking to this path.

Dave McKay, CEO of Royal Bank of Canada (RBC), pointed out at the bank's AGM earlier this month that Canada had missed numerous opportunities due to tax policies, complex approvals, and a lack of ambition.

Similarly, Scotiabank CEO Scott Thomson stated that Canada has let its economic growth and productivity "stagnate" for too long, reaching a crossroads today.

"Canada must focus on building the capacity and means for self-sustaining growth, rather than relying solely on external relationships that certain countries may have already developed," Thomson said. "Canada needs an agenda prioritizing growth."

Ferreira added that the next government must address these issues and ensure projects are approved more quickly. He also stated that provinces and territories should continue their efforts to eliminate trade barriers between each other.

Original article: https://www.toutiao.com/article/7498222210247606818/

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