Five Big Problems With Canada

# 4 in the "What's Wrong With Canada" series" - We are not playing to our strengths.

Canada is often described as a nation rich in natural resources, blessed with abundant forests, minerals, oil, and natural gas. Yet, despite having all the tools needed to be an economic powerhouse, we seem increasingly ashamed of our commodity-driven economy.

Based on generally agreed-upon metrics, Canada is the 19th richest country in the world; Ireland has passed us and will soon be passed by Malaysia and South Korea. With competent management and better institutions, we could be wealthier than Norway.

We are the only nation in the world's top six in natural oil and gas deposits, minerals and agricultural potential. We have America to our south, oceans on both coasts and the Arctic to the north (we have left undefended and are now susceptible to Russian attack)

Instead of embracing our strengths, we’re doing everything possible to downplay, undermine, or even kill the industries that have long sustained us.

While other countries maximise their natural advantages, Canada is like a giant ashamed to walk upright and crawl from place to place.

The most glaring example of this self-sabotage is how we turned down a huge offer from Germany for liquefied natural gas (LNG) in 2022. This decision perfectly illustrates Canada’s growing discomfort with its wealth.

\In the summer of 2022, Germany—facing an energy crisis due to the war in Ukraine and its reliance on Russian natural gas—came to Canada with a desperate offer: they wanted to secure long-term contracts for Canadian LNG. With its abundant natural gas reserves, Canada was in a perfect position to help fill the void left by Russia’s dwindling exports while establishing itself as a major player in the global energy market. It was a win-win, or so it seemed.

Yet, during a press conference, Prime Minister Justin Trudeau dismissed the idea, saying there was “no business case” for exporting LNG to Europe.