As many of you have likely seen or heard over the past year or two, Canada’s economic growth has been dismal compared to other G7 countries. The chart below highlights just how far we’ve fallen behind other countries in terms of GDP per capita over the last 10 years. While we have improved our position from this time last year (second from the bottom at a dismal 1.4%), There is still much room for improvement.

Source: OECD Data Explorer. Data retrieved Mar 19, 2026

This matters, because over time, GDP per capita drives living standards, wages and ultimately investment returns.

So, what’s holding us back? It’s not a lack of resources. Canada is one of the most resource-rich countries in the world, considering our energy, LNG, copper, uranium, potash, and more. The issue is we’re not developing them.

When people think about projects like pipelines, the focus is usually on cost. But the real impact is much bigger. You get growth when you build the infrastructure, more growth when you develop the resources to supply it, and ongoing growth when those resources are sold into global markets. And along the way, the government collect royalties – fueling spending that further supports economic activity. It’s not a one-time boost; it’s a chain reaction.

This goes well beyond oil and gas. The same dynamic applies to LNG, critical minerals like copper and zinc, uranium for nuclear energy and fertilizers that support global food supply. At a time when the world needs reliable energy, electrification, and food security, Canada should be in a leading position.

However, potential doesn’t drive growth – production does. The reality is Canada could be growing far faster (arguably exploding, economically), if we simply got out of our own way and developed what we already have.

Whether we like it or not, artificial intelligence is coming and coming fast. It will require enormous amounts of energy, metals, and infrastructure to support it. From power generation to data centers to electrification, demand is only going one way. That plays directly into Canada’s strengths.

This is an opportunity to get our swagger back. The question is whether we take it.

I have also included a piece from our CIBC Economics team entitled “Should we take Statistic Canada’s population projections to the bank?” .

As always, if you have any questions, please feel free to give us a call at any time.

Have a great weekend.

Milan