National Bank CEO, chief economist urge Ottawa to go further to attract investment

National Bank, president and CEO Laurent Ferreira, addresses the Montreal Chamber of Commerce, in Montreal, Thursday, Sept. 21, 2023. THE CANADIAN PRESS/Christinne Muschi

CALGARY — The chief executive of National Bank of Canada says the federal government has struck the right tone on navigating recent trade and geopolitical upheaval.

But Laurent Ferreira told a Calgary business audience that Ottawa must go further and move faster if it is to meet the moment.

He says the key risks to Canada are “complacency and delays caused by bureaucratic uncertainty,” and that “blind opposition” to reindustrialization and defence spending will put the country in a “precarious state.”

Meanwhile, National Bank chief economist Stefane Marion says despite being subject to the lowest effective tariffs rates from the U.S. globally, Canada’s economy is “barely growing.”

He says federal legislation aimed at speeding along infrastructure projects in the national interest is not enough, and that Ottawa must do more to shed other regulations that are scaring away investment.

Marion is also advocating for Ontario and Quebec commit to using Alberta natural gas to fuel their manufacturing sectors.

This report by The Canadian Press was first published Jan. 28, 2026.

Lauren Krugel, The Canadian Press