Canada today and tomorrow
What stage has Canada reached in its infrastructure development and what should its priorities be in the years ahead? We explore the key themes and dynamics
AN INTERESTING PHENOMENON occurred in Canada during the Great Recession. As the world watched many of its largest financial institutions and economies teeter on the edge of collapse, Canadian banks, credit markets and the economy in general remained relatively unharmed compared with events occurring south of the border. This is not to say credit markets did not tighten and equities decline. Canada was not immune from a variety of shocks. However, given the size and scope of the meltdown elsewhere, the Canadian economy remained solvent and viable while its banks avoided the kind of defaults and bailouts that occurred in the US.
A by-product of the financial crisis within Canada (not unlike the US) was a renewed interest in government spending on infrastructure. Government funds, earmarked for large-scale infrastructure projects, were considered sound creations that would assist fledgling sectors of the economy regain jobs and financing and bring a general lift in economic fortunes.
A report released in 2007 by the government of Canada entitled Building Canada: Modern Infrastructure for a Strong Canada, stated that the government intends to "fund strategic investments in projects designed to produce results in three areas of national importance: a growing economy; a clean environment; and strong and prosperous communities."
While these stated goals aspired to lofty achievements by the sitting minority Conservative government, trends in infrastructure in Canada are also being driven by outside influences. Issues such as immigration; public-private partnerships and their relation to alternative forms of financing; trade with economies like China and India; as well as a growing desire to host national sporting events, are all helping change the face of Canadian infrastructure in ways not perceived even a decade ago.