Economy

A new tri-campus unit hosted at the University of Toronto Scarborough will aim to address societal challenges related to health, the economy and the environment.

Called iRISE (Institutes for Resilient and Inclusive Societies and Ecosystems), the extra-departmental unit has been confirmed by the executive committee of U of T’s Governing Council and comprises three research-focused founding institutes and one institutional strategic initiative (ISI).

“iRISE provides an opportunity to intentionally bring together U of T’s outstanding scholarly strengths under a shared umbrella to address the intersecting complexities related to the environment, health and well-being, and sustainable economies and livelihoods," says Professor Wisdom Tettey, U of T vice-president and principal of U of T Scarborough.

"We look forward to leveraging the synergies and networks that it will foster, to further enhance and amplify the global impact of the exceptional work that is going on across our three campuses.”

iRISE will support multidisciplinary convergence research – research that shows deep integration across disciplines and is driven by a pressing societal need.

“iRISE will pursue solutions and catalyze change by facilitating research discoveries, enabling innovators to move discoveries into action, inspiring communities and building their capacity to act,” says Professor Irena Creed, U of T Scarborough vice-principal research and innovation.

“It will also train future leaders dedicated to creating inclusive, sustainable, just and equitable societies.”

The three founding institutes of iRISE include the Institute for Environment, Conservation and Sustainability; the Institute for Inclusive Health and Well-Being; and the Institute for Inclusive Economies and Sustainable Livelihoods.

iRISE will also be home to SDGs@U of T, an ISI that was approved in May.

Imre Szeman (supplied image)

Imre Szeman, professor of human geography at U of T Scarborough, is the inaugural director for the Institute for Environment, Conservation and Sustainability, which will explore the causes and consequences of climate change and develop mitigation and adaptation strategies.

Its potential research themes include interactions among plants, soil, water and air; the effects of climate change from the cellular to the ecosystem levels; ecological restoration; environmental sustainability; nature-based climate solutions; carbon markets; Indigenous perspectives on the natural world; and understanding the Earth through the exploration of other planets.

The Institute for Inclusive Economies and Sustainable Livelihoods is led by inaugural director Sergio Montero – associate professor of geography and planning at U of T Scarborough – who takes the reins from interim director Caroline Hossein, associate professor of global development at U of T Scarborough and cross-appointed to U of T's graduate program of political science.

Sergio Montero (supplied image)

This institute will imagine, explore and share alternative economic futures from unique perspectives. Its potential research themes include alternative and cooperative economic practices of Indigenous and racialized communities; data science methods for greater, more equitable prosperity; training and skills development strategies that encourage personal and economic development; advanced understanding of the complex interdependencies among nations, localities and economic agents to facilitate more transparent decision-making.

Interim director Charles Trick, a professor of health and society at U of T Scarborough, will lead the Institute for Inclusive Health and Well-Being, which will explore the many determinants of health of people living in the Anthropocene.

Charles Trick (supplied image)

Potential research themes include fundamental science explorations of aging, elder care and mental health; policy and program pathways to change health inequities; innovative solutions to complex health issues, including arts-based health approaches; and translating knowledge of the relationship between environment factors and well-being into practice and policy.

SDGs@UofT is being led by director Erica Di Ruggiero, associate professor in the division of social and behavioural health sciences at the Dalla Lana School of Public Health and in the Institute of Health Policy Management and Evaluation.

Erica Di Ruggiero (supplied image)

The ISI will be dedicated to the United Nations’ 17 Sustainable Development Goals (SDGs) – global targets to end poverty, improve health and education, reduce inequality, spur economic growth and tackle climate change.

Through its SDGs Scholars Academy, SDGs@UofT will conduct convergence research that will identify transition pathways to achieving the SDGs, measure progress, explore interdependencies and design instruments and interventions to build on the UN's 2030 Agenda for Sustainable Development.

Creed notes that hundreds of faculty, staff and students provided input that influenced the development of iRISE and its institutes. As iRISE continues to evolve, there will be ongoing opportunities for the U of T community to be involved in shaping its future directions. Directors will engage with faculty and students via one-on-one discussions and in departmental meetings.

Membership is open to faculty across U of T. Creed says that iRISE will be particularly beneficial to faculty, staff and students wishing to reach across academic units and institutions to build collaborations and partnerships that engage diverse communities, governments and industries.

“The iRISE directors will lead a vibrant intellectual community that will facilitate local and global partnerships and enable the nimble exploration, development and implementation of solutions,” she said.

U of T highlights its contribution to prosperity in Ontario in submission to provincial panel

Christopher.Sorensen — Fri, 26 May 2023 18:50:20 +0000

U of T highlights its contribution to prosperity in Ontario in submission to provincial panel

Christopher.Sorensen Fri, 05/26/2023 - 14:50

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(photo by Diana Tyszko)

Topic

Research & Innovation

The University of Toronto – Canada’s top-ranked university and an engine of prosperity and social mobility for Ontario – has told a provincial panel examining post-secondary education that U of T needs new financial tools to advance its academic and research missions.

The assessment is part of the university’s submission to Ontario’s blue ribbon panel on financial sustainability in the post-secondary sector.

“This review provides an opportunity to develop a principle-based approach to supporting universities and colleges in meeting the diverse needs of Ontario’s population, which is undergoing rapid demographic, social and economic changes,” said U of T President Meric Gertler.

“Our submission to the panel emphasizes the need to recognize the autonomy of publicly assisted universities and their ability to drive social mobility and provide the best student experience possible.”

The panel’s review of the sector – the first in nearly 20 years – comes as Ontario lags the rest of the country in investment in higher education, with the lowest levels of funding per student among the provinces.

In U of T’s case, the province currently provides approximately 20 per cent of the university’s operating budget – a rate of funding on a per student basis that is among the lowest in Canada.

U of T is proposing that provincial funding increase to a level comparable to that of other large provinces. It also proposes allowing institutions to set their own tuition fees to recognize university autonomy and enhance U of T’s ability to respond to student demand for quality programs.

The submission states that the province should mandate that tuition fee increases be accompanied by higher student aid levels delivered by institutions, further expanding access.

U of T’s submission emphasizes that it leads Ontario in providing student financial assistance. In 2022-23, U of T allocated $320 million to financial aid – more than is required by the province’s financial assistance program – in order to deliver on the university’s long-standing commitment to access. The 1998 Policy on Student Financial Support states “no student offered admission to the University of Toronto should be unable to enter or complete the program due to lack of financial means.”

Students and families recognize the value of a university degree and a U of T education, with applications for first-year programs growing three per cent in 2022, the submissions notes. U of T is the first-choice university for one in four applicants to university in Ontario and its graduates are among the world’s most sought-after by employers, with a No. 11 global employability ranking.

Provincial policy, the submission argues, should ensure that Ontario responds to this student demand and equips institutions with the resources to produce enough talented graduates to drive tomorrow’s economy.

While the panel is not reviewing provincial research funding levels, U of T’s submission notes that university research is a major contributor to private-sector growth. For example, U of T has spun off more than 600 startups over the past decade, attracting more than $2.5 billion in investment, and is an anchor for attracting talent to support the growing artificial intelligence, advanced manufacturing and biomedical sectors. Other provinces provide higher support for university research, placing Ontario universities at a disadvantage when competing for projects.

The submission also points to U of T’s international strategy to expand its global reach, impact and learning opportunities as an example of the benefits international students bring to Ontario. U of T is pursuing geographic and socio-economic diversification and providing services to students including assistance with visa requirements – and the submission calls on government to take measures that meet student expectations and needs.

“The University of Toronto is committed to working with government partners to address the long-term sustainability of the sector,” President Gertler said. “With strong provincial support, Ontario’s post-secondary institutions can continue to play a critical role in growing the province’s economic and social prosperity for decades to come.”

The panel has received more than 60 submissions to date.

U of T economist unpacks soaring inflation – and how Canadians can cope

Christopher.Sorensen — Wed, 03 Aug 2022 17:23:23 +0000

U of T economist unpacks soaring inflation – and how Canadians can cope

Christopher.Sorensen Wed, 08/03/2022 - 13:23

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(Photo by Zou Zheng/Xinhua via Getty Images)

Geoffrey Vendeville

Topic

Our Community

Munk School of Global Affairs & Public Policy

Economics

Economy

Faculty of Arts & Science

Global

Rotman School of Management

With inflation at its highest level in decades, are storm clouds gathering on Canada’s economic horizon?

Inflation hit 8.1 per cent year over year in June, eating away at Canadians’ savings amid rising prices for everything from gas to groceries.

The following month, the Bank of Canada responded by hiking its benchmark lending rate by a full percentage point, the largest such increase in more than two decades – and more tightening is likely on the way. Rising rates, in turn, have implications for anyone who borrows money, including businesses, consumers and homeowners. In one ominous sign for the tech sector, Ottawa-based Shopify cut 1,000 jobs, equal to 10 per cent of its workforce, last week.

Yet, despite some predictions that Canada is hurtling toward a painful recession, University of Toronto economist Peter Dungan remains optimistic that sunnier days are ahead. In his research, he uses computer simulations to forecast the short- and long-term trajectory of Canada and Ontario’s economies.

“If we have a recession, it will be from a state at which the economy actually is in very good shape in terms of low unemployment and a high level of output,” says Dungan, an associate professor emeritus of economic analysis and policy at the Rotman School of Management who is cross-appointed to the department of economics in the Faculty of Arts & Science and the Munk School of Global Affairs & Public Policy

U of T News recently spoke with Dungan about the state of the Canadian economy, where it’s headed, and how households and students can cope with sky-high inflation.

Peter Dungan (photo by Rick Madonick/Toronto Star via Getty Images)

What, exactly, is inflation?

Inflation is a change in the average price level. Inflation can be temporary in the sense that if the price level goes up, but then doesn’t keep rising, then inflation goes up and comes back down.

We’ve seen a significant change in the price level for a number of key items recently: oil, gas, wheat, stuff like that. But if the prices of things don’t keep rising – even if they stay where they are – the inflation rate goes back down again. It’s only if prices keep rising faster than they have before that you get a rise in the inflation rate.

Why would that happen? It could be the world keeps throwing disasters at us. The other big danger is people expect inflation to rise, so they keep bidding up their wages and demands, and that gets built into higher prices and then you’re into a “wage-price spiral,” as they call it. That second scenario isn’t happening yet. That’s not what's causing our inflation so far – and, so far, the evidence seems to be that expectations in the longer term are not rising significantly.

How did we get here?

There’s no easy answer.

In a way, if you allow an economist to use demand and supply, like we always do, this is a supply-side shock. This is something coming from weakness of supply, or a shortage of something. There was a certain amount of that having to do with microchips, and all kinds of other key ingredients that were being held up at ports or in China because of COVID-19 lockdowns there. To some extent, that’s still happening.

But it’s also fairly clear – at least in some countries – there’s what is called “demand pull” going on as well. Coming out of the [pandemic-induced] recession, people have started to buy things again – goods and services. The economy was in fairly good shape before we went in and it was well supported – as it had to be, at least in Canada and the U.S. – when we were in the pandemic, but that’s left people with a lot of money to spend as we once again emerge.

When you have a relatively large number of people pursuing a limited supply of goods, that tends to cause prices to increase. So, we have a mixture of “cost-push” and “demand-pull” inflation going on at the same time in varying degrees in different countries.

For example, there’s a bit more demand pull going on in the U.S. than in Canada because they had somewhat more expansionary fiscal policies more recently because they were worried about Omicron. On the other hand, in Europe – where there’s also significant inflation – it’s less about demand pull and more of a supply problem related to oil and natural gas due to the war in Ukraine.

Unfortunately, there’s no simple answer.

Why are some experts predicting a recession at the same time as we are experiencing record-low unemployment?

One of the things to distinguish is level versus change. A recession, technically speaking, is a change in the state of your economy. If it doesn't grow at its usual amount – especially if it contracts – then we call it a recession. But the state of the economy could be very high or very low when the change occurs.

As it happens, if we have a recession, it will be from a state at which the economy is actually in very good shape in terms of low unemployment and a high level of output. That would be much less serious than a recession that occurred when the economy was already weak because we hadn’t recovered from a previous recession, or there were other problems affecting the economy.

By the way, a recession can be -0.1 per cent growth or it can be minus five per cent. And there’s a huge difference between those two. It’s only indicative of the direction the economy is heading as opposed to the scale.

A lot of people who are talking about a recession – not all, but some – are only talking about something that would be much milder than either the one induced by the pandemic or the recession that’s sometimes called the Great Recession that started in 2008-2009.

There are some people who are ringing alarm bells, saying it’s going to be a bad recession. I do not happen to agree with them myself. But there’s all kinds of possibilities out there and it depends on what happens in the geopolitical realm, too.

What’s the economic forecast for Canada?

On the inflation front, I am very confident that we will eventually get back to two per cent. It’s the Bank of Canada’s target, they have the tools to be able to achieve it, and they seem to be determined to do it. The thing is, it will take longer than we thought because there was more of this “cost-push inflation.” Before the Ukraine war broke out, nobody saw that coming: the huge increase in oil, gas and food prices occurring as a result. That’s just a nasty surprise.

How much damage has to occur to the economy to get back to two per cent? That’s a more open question. If, in effect, there’s no more supply shocks and the Bank of Canada’s and other central banks’ rate hikes cool demand, then we may be able to that low inflation rate in two or three years with relatively modest losses in employment and GDP.

On the other hand, if shocks to the supply side of the economy keep coming at us, we’re in different territory. Then you really need to push on the demand side to weaken inflation. The big question in the backs of central bankers’ minds, is: Is high inflation getting into people’s expectations of the future and their wage and price bargaining? Once that happens, then you’re in the nasty world of the late 70s and early 80s. Those decades required a huge recession to literally bleed the inflation out of the system. And nobody wants to go there.

Many Canadians haven’t experienced high inflation, but you were in university during the hyperinflationary 1970s. How did that compare to now?

The similarity, though it’s extremely limited, is that we’re temporarily getting back to rates of inflation we haven’t seen since that period. So, yes, that was a time in which inflation was like eight, nine, 10 per cent per year for a number of years. But I don’t think that’s going to happen this time around.

There’s a big difference, too. Nowadays, central banks have clear inflation targets and are determined to hit them. That’s a policy goal that only began in the 1990s, partly in reaction to the failures from before.

Unless there's an absolute, major change in the way our central banks operate or are allowed to operate – which I consider highly unlikely for North America, Europe, Japan, Australia and New Zealand – we’re going back to low inflation.

The other major difference between then and now is that, in those days, because central banks didn’t have a target for inflation, and because inflation was all over the map for a significant period, people’s expectations were, in a sense, unanchored. When unions went into wage bargaining, they didn’t know what inflation was going to be – only that it was likely to be high. So, of course, they bargained for a big wage increase. That gets passed through into other prices, which then validates the inflation and then: “Oh my God. We’re in trouble.”

Today, so far as we can tell, people expect inflation to be high for a year or two, but the expectation for the longer term doesn’t seem to be moving yet. People still trust that this is temporary. If that that changes, then it’s a new world – or maybe I should say old world. We’re back to the 70s and 80s again. And it would take higher levels of unemployment and more significant recessions to get inflation down and convince people to drop thier expectations. But we aren’t seeing it yet.

What tools do countries have to rein in inflation?

Largely, the job falls on the central bank. It uses higher interest rates to slow down particular parts of economic activity like housing and purchasing cars and things like that. That’s your first line of defence.

If it wanted to help, a federal or provincial government could also raise taxes or cut spending, but it’s very politically difficult to do that – and it’s not clear at this point that it’s necessary. It’s not that serious a problem. Some provincial governments are actually throwing money at people. I don’t mind that if it’s going to people who are more affected by inflation, including those living on fixed incomes, low-income people and others who are suffering. But you don’t want across-the-board tax cuts or spending programs to boost the economy. The economy is boosted already. The unemployment rate is at historic lows. We don’t need boosting. If anything, we need to un-boost.

What do you make of the news that Shopify laid off 10 per cent of its staff?

Shopify’s problem was that they took a real boost during the pandemic because, of course, there was more online shopping. What we didn’t know coming out of the pandemic – regardless of whether there was going to be recession and inflation-fighting – was whether people were going to go back to brick-and-mortar stores or continue shopping online. It looks like Shopify was excessively optimistic about how much online would occur. So, they’re cutting back. I have a feeling that would have happened anyway.

What can the average person and household do to protect themselves from inflation? What about students?

There’s no magic wand on this one. It’s possible some prices will come down in the future, in which case it’s much less of a problem. But to the extent that some things cost more because of ongoing problems in Europe – if the Ukraine war is going to continue, isolating Russia as a major supplier of oil, gas and wheat – what this means is that the world is not going to be quite as generous as it was before to a student or household. Some things are just going to be more expensive, including food items and fuel. It may not keep getting worse, but it may not get back to the way it was a year ago either.

That pain has to be recognized. It’s a cost that has to be borne. The world is not making wheat available for us to buy burger buns and oil – and then to move the burger buns around between restaurants – as generously as it was before, so there’s going to be a hit.

What that means is you’ll have to review your budget. Review what’s important to you and make changes to move away from the more expensive things and toward the less expensive things –realize that the budget is tighter than it was before. There’s really no way around it.

Again, I’ll hold out the small hope that there will be some adjustment on the supply-side effects as time goes by, so that we may be able to see perhaps even lower rates of inflation than two per cent in times to come. Certain things that we really like might get cheaper again. That’s definitely a possibility, but it depends on how the world evolves.

U of T joins national consortium to address talent needs of post-pandemic economy

Christopher.Sorensen — Thu, 08 Apr 2021 20:04:21 +0000

U of T joins national consortium to address talent needs of post-pandemic economy

Christopher.Sorensen Thu, 04/08/2021 - 16:04

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U of T's Faculty of Arts & Science is partnering with non-profit Palette Skills and other academic and business organizations to upskill Canadians for high-demand roles in fast-growing parts of the economy (photo by ArthurHidden via Getty Images)

Arts & Science news staff

Topic

Faculty of Arts & Science

Meric Gertler

The University of Toronto is partnering with Palette Skills, a national non-profit organization, and other major Canadian academic and business organizations to address the growing skills gap in the Canadian economy and advance an inclusive post-pandemic recovery.

The consortium, launched this week, will include U of T’s Faculty of Arts & Science as part of its mission to create programs to rapidly upskill Canadians for high-demand roles in the fastest-growing parts of the economy.

“Collaboration between Canada’s businesses and its higher education partners will be a key factor in our ability to create good jobs and economic growth across the country,” said U of T President Meric Gertler.

“The University of Toronto is proud to host this great initiative led by Palette Skills, and we look forward to collaborating with its member organizations and institutions.”

Along with U of T, other founding members of the consortium include the Business Council of Canada, the Council of Canadian Innovators, Business Council of British Columbia, the Brookfield Institute for Entrepreneurship and Innovation and several Canadian universities.

U of T, which is also a co-founder of the Business/Higher Education Roundtable, will collaborate with the consortium’s partners to identify talent gaps and develop strategies for filling them as Canada works to recover from the economic impact of COVID-19. Together with Palette Skills, the partners will develop demand-driven, industry-led accelerated training programs aimed at rapidly transitioning more Canadians into high-demand roles.

“Canada has an extremely talented and diverse workforce, but we lack accessible pathways to transition large sections of the Canadian workforce into careers in industries that emerge from the pandemic ready to grow and compete on a global scale,” said Arvind Gupta, a computer science professor at U of T and the chief executive officer of Palette Skills.

“This newly announced consortium of business and higher education partners ensures that we can effectively provide a broad cross-section of opportunities to Canadians.”

U of T has been working with Palette Skills since last November to support individuals whose careers were disrupted by the shifting global economy. Palette Skills offers an integrated platform for mid-career upskilling aimed at training Canadians in technical skills that will allow them to thrive in growing industries.

“We’re excited to support Palette’s mission and to work alongside many leading organizations to address the skills gap across Canada,” said Melanie Woodin, dean of U of T’s Faculty of Arts & Science and a member of the Palette board of directors.

“Palette is at the forefront of the talent industry and is having great success developing programs that help transition those who are underemployed into high-demand roles. We look forward to joining Canada’s top researchers and industry leaders to help improve the lives of Canadians by driving new solutions and creating unique opportunities for success.”

The consortium, which includes Simon Fraser University, University of Calgary, Dalhousie University, University of Guelph, Université Laval and the University of Saskatchewan, as well as U of T, is seeking to expand to other post-secondary colleges and universities, business associations and community partners from coast to coast.

“Close partnerships between educators and employers ensure that workers learn the skills they need to build successful careers,” said Goldy Hyder, president and chief executive officer of the Business Council of Canada.

“Palette is building the programs we need to create a better future and a higher quality of life for Canadians.”

Universities key to Toronto’s post-pandemic competitiveness: U of T President Meric Gertler

rahul.kalvapalle — Mon, 01 Mar 2021 20:53:06 +0000

Universities key to Toronto’s post-pandemic competitiveness: U of T President Meric Gertler

rahul.kalvapalle Mon, 03/01/2021 - 15:53

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(photo by Wei Fang/Getty Images)

Universities and colleges have a critical role to play in the Toronto region’s recovery from the COVID-19 pandemic by attracting the world’s brightest minds and providing a steady stream of talented workers to fuel the economic sectors of the future.

That was one of the key messages delivered by University of Toronto President Meric Gertler at the recent Toronto Region Board of Trade (TRBOT) Reimagining Our Workforce Summit.

“This is an issue that is of interest not just to university and college presidents, but to businesses, landlords, hospitality venues and more,” President Gertler said, noting the many ways post-secondary students contribute to the Canadian economy, from working as part-time employees and renting apartments to ordering take-out food.

U of T will also continue to draw top scholars and professional talent whose contributions to the region’s economy support productivity and competitiveness, President Gertler said. He highlighted the success of the Vector Institute for Artificial Intelligence in attracting and retaining AI experts in the region. He said other sectors could consider emulating the Vector Institute’s model of aligning public and private investments in research to attract talent and encourage entrepreneurship.

“Most importantly [these investments have] stimulated the uptake of artificial intelligence tools across a wide range of sectors in the Toronto economy and well beyond – in transportation, retail, manufacturing and finance – and helped transform those industries and make them more competitive,” he said.

“We can use that model in other sectors like health-care, life sciences and clean technology, and focus on developing made-in-Canada solutions to the world’s most pressing problems. [We can] recruit the best minds around the world to work here alongside our brilliant Canadians, and do fantastic things.”

Organized in partnership with U of T, York University, RBC and Accenture, the summit was the final instalment of TRBOT’s Recovery Summit series, organized to address the future of the GTA, post-pandemic. This week’s event included several discussions that looked at the transformation of the GTA’s workforce and explored ideas to ensure that the Toronto region remains livable, dynamic and inclusive.

Another theme at the Summit was the post-pandemic economy, including a conversation with business and non-profit leaders on how to draw foreign and domestic investment to the GTA, led by Alex Mihailidis, U of T’s associate vice-president, international partnerships.

President Gertler’s remarks came during a panel discussion titled “Understanding the Workforce of the Future.” Moderated by TRBOT president and CEO Jan De Silva, the panel comprised President Gertler; Scott Beck, president and CEO of Destination Toronto; Diane Kazarian, managing partner, Greater Toronto Area at PricewaterhouseCoopers; and Andrea Stairs, president of eBay Canada.

Asked to expand on his recent op-ed in the Globe and Mail, in which he argued that nurturing international talent will be crucial for Canada’s post-pandemic economic recovery, President Gertler noted the importance of immigration pathways to building a strong talent pipeline for all sectors of the economy.

“One of the big draws for international students coming to Canada is not just the opportunity to study at a great university like the University of Toronto, but it’s also knowing that when they graduate, they have an automatic right to a post-graduate work permit of up to three years’ duration, which then accelerates and facilitates their transition to permanent residency and, ultimately, citizenship,” President Gertler said.

He went on to commend Marco Mendicino, Canada’s minister of immigration, refugees and citizenship, for adapting rules around student eligibility for work permits to account for the fact that many international students are temporarily pursuing their education virtually and from their home countries.

“What Minister Mendicino did is loosen up the rules so, if students were having to spend – through no fault of their own – a large chunk of their program at a Canadian university studying from abroad, that time was considered to still be eligible for their qualifying for the post-graduate work permit program,” he said. “That’s been hugely helpful.”

In a keynote address, Mendicino also recognized the importance of international students as future residents.

Despite lockdown restrictions and a shift to virtual learning, demand for international student admissions is up more than 20 per cent heading into the September 2021 admissions cycle, President Gertler said.

However, he stressed that a safe, gradual re-opening of universities and colleges should be a high priority so that Toronto and Canada continue to remain an attractive destination for students and researchers.

“So much of the package that we offer – it’s not just the lectures and tutorials, it’s learning from one another, the networking, the experience of life in Canada, of life in Toronto, of all the things that give this city so much buzz,” President Gertler said.

Canada must be bold to attract global talent: Meric Gertler in the Globe and Mail

wangyana — Tue, 19 Jan 2021 16:23:43 +0000

Canada must be bold to attract global talent: Meric Gertler in the Globe and Mail

wangyana Tue, 01/19/2021 - 11:23

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(photo by Lisa Sakulensky)

Topic

With the United States set to inaugurate Joe Biden as the country’s next leader this week, Canada will need to enhance its talent-luring advantage, University of Toronto President Meric Gertler says in a Globe and Mail op-ed (reprinted below).

Canada's attractiveness as a destination for talent increased in recent years thanks to Brexit and U.S. President Donald Trump's immigration policies. But President Gertler says Biden can rescind Trump’s executive orders and “reinstate the favoured-destination status of the U.S. with the stroke of a pen.”

President Gertler points out that nurturing international talent will be important for Canada’s post-pandemic economic recovery. He recommends navigating the shifting playing field with a comprehensive strategy that positions Canada as a place of economic opportunity – including in high-growth areas like artificial intelilgence and the life sciences – while also addressing key issues like climate change, the plight of Indigenous Peoples and systemic racism.

“Canada could create a ‘talent moonshot,’ one that’s strongly funded and co-ordinated across the public and private sectors,” he writes. “Our goal: recruit the world’s most talented scientists, engineers, artists and scholars to develop made-in-Canada solutions to global challenges, working alongside those who are already here.”

Canada must enhance its talent-luring advantage

Meric Gertler

For Canadians anxiously observing our neighbours to the south, the new year brings hopes of political and social renewal. But as we contemplate a postpandemic economic recovery, impending geopolitical shifts have huge implications for Canada’s prosperity.

In a recent speech to the Vancouver Board of Trade, Bank of Canada Governor Tiff Macklem observed that the pace of Canada’s recovery will be shaped by its ability to maintain “our biggest asset … a well-educated and diverse workforce,” drive innovation and productivity growth, boost exports and attract investment. He noted that, with the incoming Biden administration, “Canadian schools and companies may have to fight harder to attract and retain talent.”

As president of a university that attracts significant numbers of faculty and students from abroad, I can confirm that the playing field is already shifting. Attracting global talent is becoming more challenging. Canada will have to navigate these changes even more carefully postpandemic.

We’ve been living a charmed existence the past few years. After the 2016 election of Donald Trump, the U.S. curtailed travel from Muslim countries and reduced the number of H-1B visas for highly educated newcomers. In Britain, the Brexit agenda was also widely seen as anti-immigrant. Canada’s attractiveness as a destination for talented individuals increased as a result.

Enlightened public policies helped employers across our economy capitalize on this shift. As the rest of the world was closing doors, we opened ours. The Global Skills Strategy and research chair programs facilitated the hiring of international talent. Federal support for recruiting international students and enlightened postgraduation employment provisions were crucial. Canadian universities succeeded in attracting research expertise from around the world, and our applications from top international students have grown steadily to make up approximately one-quarter of our student body. Tech scenes in Vancouver, Montreal, Toronto and elsewhere flourished with this brain gain.

That may soon change. Once president-elect Joe Biden is inaugurated, he can rescind executive orders issued by Mr. Trump and reinstate the favoured-destination status of the U.S. with the stroke of a pen. With the Brexit negotiations finally resolved, the British government is now reviving the country’s appeal as a destination for global talent.

What will it take to retain and enhance Canada’s talent advantage? While enlightened immigration policies are critical, they are no longer enough. The pandemic has underscored the importance of the public sector in managing our response and recovery. Government effectiveness will now take centre stage, at a time when scientists, thinkers and creative minds the world over are seeking refuge in safe, stable, well-managed places. An entrepreneurial mindset in policy-making will distinguish successful societies.

The talented individuals we seek to attract and retain, including talented Canadians, are also drawn to places that offer opportunity and are willing to make big bets on promising new areas of economic activity. For instance, Canada’s artificial-intelligence strategy aligned and accelerated public and private investments around new hubs such as Toronto’s Vector Institute and Montreal’s Mila, investing in research, attracting global talent, stimulating entrepreneurial growth, creating jobs and fostering uptake of AI tools to boost competitiveness in sectors such as finance, retail and manufacturing.

What more can we do to stand out in the global competition for talent? Canada could create a “talent moonshot,” one that’s strongly funded and co-ordinated across the public and private sectors. Our goal: recruit the world’s most talented scientists, engineers, artists and scholars to develop made-in-Canada solutions to global challenges, working alongside those who are already here. We could, for example, leverage Canada’s remarkable strengths in life sciences and AI to transform health care and propel the new bio-economy. And we could draw inspiration from Mr. Biden’s own playbook, which includes major investments in both private and public sector R&D, innovation partnerships that connect producers of know-how to homegrown companies that can harness breakthrough technologies, and public procurement that leverages the domestic market to support this innovation-based economic activity.

At the same time, climate change, the plight of Indigenous peoples and systemic racism have made inclusion, access and sustainability high priorities for mobile talent. This puts the focus squarely on the quality and fairness of our public health and education systems and on affordable daycare. Supporting public transit, walkable cities, priority neighbourhoods and affordable housing becomes all the more important, as does assisting small businesses that make our communities vibrant and acting on Canada’s Paris Agreement commitments to reduce greenhouse gas emissions.

As we look ahead to the postpandemic, post-Trump, post-Brexit era, we need a comprehensive strategy to maintain and enhance Canada’s talent advantage. Our future prosperity depends on our capacity to invest in people, communities and opportunity. We need to be bold and think big.

Originally published by The Globe and Mail, Jan. 18, 2021

U of T, University of Illinois form partnership to enhance global leadership of Great Lakes region

geoff.vendeville — Fri, 30 Oct 2020 18:54:25 +0000

U of T, University of Illinois form partnership to enhance global leadership of Great Lakes region

geoff.vendeville Fri, 10/30/2020 - 14:54

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The Great Lakes Higher Education Consortium will focus on socioeconomic and environmental issues in a bid to secure the region’s long-term competitiveness, development and sustainability (photo by UniversalImagesGroup via Getty Images)

Topic

Research & Innovation

Sustainability

United States

The University of Toronto and University of Illinois System are partnering with a binational network of organizations to launch a cross-border education consortium that aims to spur innovation, collaboration and long-term growth in the Great Lakes region.

Administered by the Council of the Great Lakes Region, the Great Lakes Higher Education Consortium will focus on regionally significant socioeconomic and environmental issues in a bid to help secure the region’s long-term competitiveness, development and sustainability.

The partners will also seek to engage businesses and governments on both sides of the border.

“Our institutions, our local regions and our countries are facing some major economic, social and environmental challenges, but also opportunities,” said U of T President Meric Gertler during a Zoom ceremony Thursday that included the signing of a memorandum of understanding.

“By working with each other, and with our partners in business and government, we can meet these challenges and seize these opportunities for our mutual benefit – and it is more important than ever that we do so.”

The virtual meeting was attended by senior leaders at the Council of the Great Lakes Region, the University of Illinois System and past and present U.S. diplomats, including Susan Crystal, who was recently appointed consul general in Toronto. The meeting also featured a message by Vic Fedeli, Ontario’s minister of economic development, job creation and trade.

The Great Lakes region is an economic engine for both Canada and the United States. It’s home to 57 of Fortune magazine’s Global 500 companies and more than eight million small and medium-sized businesses.

Like U of T, the University of Illinois System is one of the world’s top ranked public research universities and plays a major role in the region’s economic vitality. The state’s largest educational system contributes US$17.5 billion to the Illinois economy each year. Its graduates helped develop air conditioning, LED lighting and MRI technology, and founded such companies as PayPal and eBay, said President Timothy Killeen.

“Just imagine the possibilities when the University of Illinois partners with the University of Toronto and raises the banner for our region, to which will flock many other research-intensive universities,” Killeen said.

A virtual meeting was attended by senior leaders at the Council of the Great Lakes Region, the University of Illinois System and past and present U.S. diplomats, including Susan Crystal, who was recently appointed consul general in Toronto. The meeting also featured a message by Vic Fedeli, Ontario’s minister of economic development, job creation and trade.

The formation of a partnership between universities in the Great Lakes region was one of the key recommendations of a report by the Council of the Great Lakes Region, co-written by John Austin, director of the Michigan Economic Center and a non-resident senior fellow at the Brookings Institution.

The report says that, by banding together, regional universities can better address local talent gaps, create a hub for applied science and innovation and build bridges between university assets such as business incubators and accelerators.

“By launching the binational Great Lakes Higher Education Consortium, the stage is set for positioning the region as a global leader in producing the talent of the future, solving global challenges through innovation and supporting a new generation of entrepreneurs that will transform the region and drive commerce,” Mark Fisher, president and CEO of the council, said in a statement.

The new academic consortium will foster even greater cross-border collaboration between Great Lakes universities, government and business, said Crystal, the U.S. consul general in Toronto, who described the partnership as “a vital step towards developing relationships that are necessary to solve global challenges.

“By anchoring a cross-border initiative through academic partnerships in the Great Lakes region, we are also directly supporting the economic well-being of both of our countries.”

U of T President Meric Gertler to help guide city's economic recovery as part of board of trade group

Christopher.Sorensen — Thu, 14 May 2020 17:51:13 +0000

U of T President Meric Gertler to help guide city's economic recovery as part of board of trade group

Christopher.Sorensen Thu, 05/14/2020 - 13:51

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(photo by Sahil via Pexels)

Topic

University of Toronto President Meric Gertler will join a 19-person steering committee assembled by the Toronto Region Board of Trade to help guide the city’s economic recovery from COVID-19.

President Gertler, a renowned expert on urban economies, will represent U of T and other universities in the Toronto-Waterloo corridor on the panel, which comprises business and labour leaders, representatives of government agencies and experts on education and innovation.

“As Canada’s economic engine, it is important that the Toronto region be a leader in recovery efforts,” said Jan De Silva, president and CEO of the Toronto Region Board of Trade, in a statement.

“As each level of government puts forward its plan for recovery, they will have the benefit of the business community's point of view.”

The steering group, named Reimagining Recovery, will “provide valuable insight into how government needs to plan and adapt to the post-COVID world,” said Toronto Mayor John Tory.

The group’s work is split into different tracks ranging from how to safely re-open the economy to how to resume international trade.

President Gertler, one of Canada’s most highly cited geographers, has written extensively on the geography of innovative activity and the economies of city regions. He has advised local, regional and national governments in Canada, the United States and Europe, along with international agencies such as the Organisation for Economic Co-operation and Development and the European Union.

Tiff Macklem, dean of U of T’s Rotman School of Management, appointed governor of Bank of Canada

rahul.kalvapalle — Tue, 05 May 2020 20:49:40 +0000

Tiff Macklem, dean of U of T’s Rotman School of Management, appointed governor of Bank of Canada

rahul.kalvapalle Tue, 05/05/2020 - 16:49

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(photo by Laura Pedersen)

Topic

Rotman School of Management

Sustainability

Tiff Macklem

Tiff Macklem, dean of the University of Toronto’s Rotman School of Management, has been appointed the next governor of the Bank of Canada.

Macklem, who will take over from current Governor Stephen Poloz on June 3, will be charged with leading Canada’s pre-eminent macroeconomic institution, the policies and actions of which have a huge impact on the everyday lives of Canadians.

In addition to being accountable for the implementation of monetary policy and providing strategic direction and leadership, the governor of the Bank of Canada is also an active player in global economic and financial policy through participation in multilateral institutions such as the G7, the G20 and the Financial Stability Board.

“It has been an enormous pleasure to be the dean of Rotman these last six years. I am very proud of what we – the students, faculty and staff – have achieved together,” Macklem said.

“I will bring with me everything I have learned from so many at Rotman and U of T as I take on my new role leading the Bank of Canada.”

U of T President Meric Gertler congratulated Macklem on his appointment and said the Bank of Canada would be in good hands under his stewardship.

“The Canadian economy, like the rest of the world, has entered a time of unprecedented challenges”, said President Gertler. “Looking at Tiff Macklem’s outstanding accomplishments at Rotman over the past six years and his brilliant record at the Bank of Canada before that, I know that his energy, expertise and wisdom will serve the country extremely well.”

“On behalf of everyone at the University of Toronto, I congratulate Tiff on his appointment to this key leadership position in our country, and I thank him for his many exceptional contributions to the Rotman School and to U of T.”

Macklem was appointed dean of the Rotman School of Management on July 1, 2014. His re-appointment was announced by the university in November of 2018.

He is credited with creating a diverse and inclusive environment and adding depth to the school’s offerings by launching specialized graduate management programs in fields like data analytics and health care. He championed experiential learning, expanded opportunities for Rotman students in Canada and abroad, and supported the global growth of entrepreneurship initiatives such as the school’s Creative Destruction Lab, a seed-stage program for massively scalable science-based companies.

He also established new research and education centres, including the Institute for Gender and the Economy, the Financial Innovation Hub in Advanced Analytics, the TD Management Data and Analytics Lab and the David and Sharon Johnston Centre for Corporate Governance.

In December 2019, Macklem oversaw the launch of Rotman’s new strategic plan, which laid out four key goals to ensure that the school is a place of bold research, transformative teaching and learning, and dynamic public engagement. Dubbed “A Catalyst for Change,” the plan builds on the successful implementation of the previous plan and leaves Rotman well prepared for the future.

Since arriving at Rotman, Macklem has also chaired the Global Risk Institute and the Government of Canada’s Expert Panel on Sustainable Finance.

“Tiff Macklem has raised the international stature of Canada’s top business school, fostered an impressive network of alumni around the world and empowered students, faculty and staff to imbue their work with a remarkable spirit of innovation and collaboration,” said Cheryl Regehr, U of T’s vice-president and provost.

“With the launch of specialized graduate programs and the expansion of experiential learning and multi-disciplinary collaborations, he has left Rotman perfectly positioned to produce world-leading business talent, research and ideas for decades to come.”

COVID-19 poses unprecedented tests for governments, U of T's Michael Sabia writes in Globe and Mail

rahul.kalvapalle — Mon, 23 Mar 2020 18:30:26 +0000

COVID-19 poses unprecedented tests for governments, U of T's Michael Sabia writes in Globe and Mail

rahul.kalvapalle Mon, 03/23/2020 - 14:30

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(photo by Andrés Ignacio Carli/ World Bank)

Topic

Global Lens

Coronavirus

Munk School of Global Affairs & Public Policy

Economy

Global

Government

From protecting the health of citizens to grappling with short-term and long-term damage to the economy, governments around the world face unprecedented challenges in coping with the impact of the COVID-19 pandemic.

That’s according to Michael Sabia, director of the University of Toronto’s Munk School of Global Affairs & Public Policy, who, in an op-ed for t he Globe and Mail, identified three distinct tests that governments face amid the prevailing crisis.

The most fundamental test has to do with protecting citizens from the virus, Sabia writes, noting that the response has varied from country to country. “Here in Canada, we are seeing good co-operation among public-health authorities. Experts are advising political leaders who appear to be listening,” he says.

The second test concerns economic assistance for citizens and small businesses, with Sabia calling on the government to dig deep into its pockets to help Canadians.

“Canada’s ratio of debt to GDP is the best in the Group of Seven,” he says. “We have the firepower. Use it.”

Finally, governments will need to grapple with how to eventually re-start their economies and re-shape them to “secure our future prosperity in what will likely be a changed world.”

Economy

New research institutes at U of T Scarborough will tackle important global challenges

U of T highlights its contribution to prosperity in Ontario in submission to provincial panel

U of T economist unpacks soaring inflation – and how Canadians can cope

U of T joins national consortium to address talent needs of post-pandemic economy

Universities key to Toronto’s post-pandemic competitiveness: U of T President Meric Gertler

Canada must be bold to attract global talent: Meric Gertler in the Globe and Mail

Canada must enhance its talent-luring advantage

U of T, University of Illinois form partnership to enhance global leadership of Great Lakes region

U of T President Meric Gertler to help guide city's economic recovery as part of board of trade group

Tiff Macklem, dean of U of T’s Rotman School of Management, appointed governor of Bank of Canada

COVID-19 poses unprecedented tests for governments, U of T's Michael Sabia writes in Globe and Mail

Read the op-ed in the Globe and Mail