CANADIAN MANUFACTURERS ARE KEY TO THE FIGHT AGAINST INFLATION

OTTAWA (ON), September 7, 2022 /CNW/ – Canadian Manufacturers & Exporters (CME) supports the Bank of from Canada combat record inflation and is in a strong position to play a key role in helping both the bank and the federal government achieve this goal.

To do this, however, CME needs the federal government to make boosting manufacturing production a top priority.

“The Bank of Canada is not alone in this fight. Manufacturers also have an important role to play. We make the goods consumers want. When we cannot meet their demand, prices and inflation rise. If we are given the tools we need, we can increase our production and bring inflation down.” Denis DarbyPresident and CEO of CME.

Recently, representatives of the CME met with the Banque de Canada and the federal government, urging both sides to help the manufacturing industry tackle labor shortages and supply chain disruptions. Mitigating both of these challenges is key to helping our sector increase production, lower commodity prices, and ultimately reduce inflation.

Higher interest rates dampen inflation by reducing demand for goods and services and slowing the economy.

In collaboration with the Bank of from Canada actions, policymakers must now do all they can to build a more productive economy with a greater capacity to deliver goods and services to Canadians.

Increasing the supply side of the economy is not only fundamental for growth, but creates a more inflation resistant economy.

Darby added, “We want to strengthen our sector and see it grow so it can continue to drive our economy, improve prosperity and build long-term resilience against future shocks. Resolving immigration backlogs, streamlining the Temporary Foreign Worker Program, investing in our transportation and trade infrastructure are all essential. »

FAST FACTS

  • The manufacturing sector accounts for nearly 10% of from Canada real gross domestic product.
  • Manufacturers employ 1.7 million people in Canada.
  • Total manufacturer sales hit a record high of $718.4 billion in 2021.

SOURCE Canadian Manufacturers and Exporters

For further information: Jane Taber, Vice President, Public Affairs NATIONAL Public Relations, C: 902-209-9512 | [email protected]