How can we accelerate the growth of the Canadian economy and improve the prosperity of all Canadians over the coming 10 to 15 years?

That was the question posed by Canada’s Minister of Finance when he convened the Advisory Council on Economic Growth in early 2016. The Council’s mission is to examine the long-term potential of Canada’s economy and, based on its findings, to make recommendations for improving the prospects for inclusive economic growth.

The Council is convinced the formula that drove the past growth of the Canadian economy—and supported steady improvements in our standard of living—is unlikely to be sufficient for the future. Like many other advanced economies, Canada faces the pressure of an aging population, technological disruption to many sectors of the economy, and the rapid shift of global economic power to Asia.

Current trends suggest that annual GDP growth in Canada will average only 1.5 percent over the next 50 years—half the rate of the past 50. Left unchecked, the slower pace of growth would have a profound impact on the prosperity of Canadian families and the outlook for them and their children.

This does not have to be the case.

Canada’s numerous natural advantages, coupled with the opportunities created by a rapidly changing world, offer the potential to stimulate new waves of investment, innovation, and job creation, unlocking a new formula for growth and prosperity. The challenge that the Council set for itself was to identify bold solutions that could jolt the economy, stimulate inclusive growth, and help raise the quality of life for all Canadians, targeting a $15,000 increase in median annual pre-tax household income above current projections by 2030.

This document lays out a third release of Council recommendations for resetting the country’s long-term growth trajectory for the benefit of all Canadians. In October 2016, the Council released its initial findings and its first wave of three recommendations. They included increasing investment in infrastructure, a plan for raising foreign direct investment in Canada, and a set of proposals for attracting the immigrant talent Canada will need to fuel its growth.