Ontario risks missing out on opportunities in today’s digital economy
Carol Wilding, FCPA, President and CEO of FCA, CPA Ontario, said, “We need to better coordinate public and private efforts to up our game and support the scaling of intangible businesses and to maintain ownership or reduce the risk of the province. It needs to become little more than an incubator. For economies with a better outlook. Losing ownership of our intangible assets is not good for the province, the country, or our long-term economic potential.”
The OECD estimates that during the next decade, Canada’s economy will grow at the slowest rate among developed countries, with an average annual real growth rate of 0.7 percent. Despite its digital sector growing at a 6% annual rate from 2014 to 2019, Ontario still lags behind other sophisticated countries in leveraging electricity.
Canadian corporations accounted for 53% of the total market value of intangible assets in 2021, compared to 76% in the United States.
To avoid the OECD’s projected sluggish growth, Ontario and Canada must harness the growth potential of intangible assets. Within Canada, Ontario ranks middle in developing high-growth enterprises, while Canada lags far behind the United States and China.
In addition, the province struggles to convert intangible investments into tangible assets, generating only 4.6 new patents per C$100 million invested in R&D, ranking sixth in Canada and California generated for similar investments. of 19.7 is far behind the patent, even when differences in the patent regime are taken into account.