Ottawa, ON – Adam Chambers, Shadow Minister of Innovation, Science and Industry, issued the following statement on the latest GDP numbers:

“After promising to deliver the fastest-growing economy in the G7, Prime Minister Carney delivered a stalled economy with just 0.1 per cent growth in his first year – the worst first-year economic growth of any Canadian Prime Minister on record. From Q1 2025 to Q1 2026, Canada recorded the weakest real GDP growth in the G7, the weakest among G20 economies and the second-weakest in the OECD.

“A one-quarter bump doesn’t erase a year of decline or a decade of sluggish per-person economic growth. The Bank of Canada projects the economy will remain sluggish with just 0.7 per cent growth in 2026 – four times slower than projected global economic growth, and the worst annual growth rate since the pandemic. Sadly, that means Mr. Carney has delivered ‘growth rates along a permanently poorer trajectory’ compared to before he became Prime Minister, according to University of Calgary economist Trevor Tombe.

“Despite Canada producing some of the best entrepreneurs and innovators in the world, a stagnant economy and Liberal red tape that blocks investment are driving what should be prized Canadian companies to sell to foreign buyers or leave Canada altogether. A new report tracking 30 Canadian start-ups found that ‘foreign investment became the only viable source of financing when growth accelerated.’ 

“After being acquired, nearly all of them had their leadership and decision-making moved abroad, with none retaining full Canadian leadership. As two-thirds of the start-ups were bought out by American firms, one founder noted, ‘If we’d had Canadian investment, we would never have gone to the States.’

“That’s as foreign investors sold off $9.6 billion in Canadian shares – the second consecutive quarter of disinvestment – while buying a record-setting $80.8 billion in government bonds. As Prime Minister Carney’s record deficits deliver payouts to foreign bondholders, higher government spending means higher prices for Canadians.

“Inflation rose again in July to 3.0 per cent – 50 per cent above the Bank of Canada’s target – as energy costs surged 16.6 per cent and grocery prices jumped another 3.1 per cent. No wonder Canadian households now have the highest debt burden in the G7 – owing $1.80 for every dollar they earn in income, pushing consumer insolvencies to their highest level since the Great Recession.

“Canada’s future will not be secured by selling government bonds to foreign bankers and investors or by watching innovative companies leave. It will be secured by building them, growing them and keeping them here at home.

“That is why Conservatives are putting forward our emergency Economic Action Plan to restore growth, attract investment and help Canadian companies scale and succeed in Canada. That plan would:

  • Eliminate capital gains taxes on reinvestment in Canada;
  • Unleash our resources by greenlighting the 500 projects currently awaiting federal approvals; 
  • Repeal anti-development policies like C-48, C-69 and the Industrial Carbon Tax; and
  • Grow the automotive sector with an auto plan that would boost production.

“Canadians deserve an economy where hard work earns a great paycheque, where our businesses can grow and where our best and brightest can build the future in Canada. A one-quarter bump won’t reverse our long-term economic stagnation; it’s time to turn rhetoric into reality with real economic growth.

“Conservatives will take action by unlocking the potential of our resources, rebuilding our industrial base, unleashing Canadian entrepreneurs and attracting investment that will build homes, deliver affordable food and provide stronger take-home pay for workers.”