Carmichael: Canada’s culture of risk aversion has created an economic doom loop
Canada’s economy is caught in a “doom loop” of risk aversion, with established companies reluctant to invest and talented Canadians hesitant to start new businesses, says Kevin Carmichael. This is contributing to weak productivity and economic stagnation. While government policies such as tax cuts, reduced regulation and major investments could help, Carmichael says Canada’s deeper problem is cultural, particularly a widespread fear of failure and a lack of entrepreneurial role models. He recommends creating a national network that connects promising Canadian startups with experienced entrepreneurs, executives and investors to encourage business creation and help the next generation of companies grow.
