However, in recent years our region has faced a growing chasm between our ambitions to be a major player on the world stage, and our failure to strategically invest in growing the right sectors of our economy, leaving us in a state of stagnation and potential decline.

The primary driver behind our lacklustre performance? Our growing productivity gap.

The Toronto region faces an alarmingly large and widening productivity gap with competing US major metros – our GDP is a massive $72,000 less per worker than our peers just south of the border.

We at the Board have a plan, thanks to your guidance and support. We are taking the strategic steps necessary to right the ship. Just last month, we officially launched the Business Council of Toronto – the anchor of our new strategic plan. With a laser-focus on turning around our lagging productivity and competitiveness to drive renewed business growth and investment, we will help build a future where businesses and people can flourish.

Fundamentally, it is about business leadership in building a more powerful economic engine – one that is big enough to meet our society’s ambitions.

But we cannot begin this work without first gaining a deeper understanding of the critical factors shaping our current economic and political operating environment. For this year’s offsite, we have curated an overview of three core drivers at play here at home, south of the border, and globally:

1. Economic forecasts: To set the stage for further discussions, a look at the trajectory of Ontario’s economy with data-driven insights into the state of our economic health and productivity. What is in store for the future of our region?
2. Geopolitical shifts: With the US as our closest neighbour, largest market, and toughest competitor, the outcome of this year’s election will set the stage for the geopolitical climate over the next four years. How stable or turbulent will it be? What are the biggest implications for business?
3. The impact of artificial intelligence (AI): The AI revolution is here. From life sciences to manufacturing, retail to financial services, every organization must take steps to fully understand and adopt the right tools to succeed in a hyper-competitive and borderless environment. What best practices are emerging as businesses embrace a strategic, yet agile approach to integrating these innovative technologies into their existing practices?

This year’s theme is “Navigating Change” and reflects the seismic shift from a highly stable pre-Covid decade to one characterized by opportunity and uncertainty. We know these three topic areas are top of mind for all of you – and we look forward to an insightful and energized discussion at our offsite on April 23^rd, 2024.

Thank you for all you bring to our Board of Directors table.

‍Giles