Canada’s plan to stimulate the economy with billions of dollars in infrastructure spending has been applauded by the International Monetary Fund and needs to be copied by other countries, according to one of Bay Street’s most prominent economists.

“Rah, Rah, good for Canada,” said David Rosenberg, Gluskin Sheff’s chief economist and strategist, in an interview with BNN. “Unfortunately Canada is only three per cent of global GDP.”

Rosenberg believes governments and businesses are relying too heavily on monetary policy from central bankers to kick-start a sluggish global economy, and he warns global growth will remain slow until other advanced economies follow Canada’s lead.

“We really need to see the U.S. step up to the plate – and countries like Germany,” he said. “[German Chancellor] Angela Merkel for the first time is contemplating tax relief in Germany. That should certainly take some of the pressure off [European Central Bank President] Mario Draghi.”

The U.S. has relied far too heavily on the U.S. Federal Reserve to boost the economy, according to Rosenberg.  Indeed, U.S. lawmakers have not added any fiscal stimulus to the U.S. economy since the Great Recession and have failed to pass a federal budget for the past seven years.  ”The reason the business sector does not commit capital to the economy in the U.S. – which has been so lacking – is because there are so many fiscal clouds.”

Ironically, Rosenberg reckons the fallout from the upcoming U.S. Presidential election may bring the American economy the stimulus it needs: Hillary Clinton and Donald Trump agree the U.S. needs to upgrade its infrastructure. “The one thing they do agree on is greater infrastructure spending starting next year – we’ll see if that happens – but to me it would be a plus,” he said.