In a speech Tuesday in Halifax, Senior Deputy Governor Carolyn Rogers pointed to weak business investment, meager competition and failure to properly integrate skilled immigrants into workforce
The Bank of Canada is warning that weak productivity and low business investment has become a national “emergency,” making it harder to control inflation and risking the erosion of living standards.
Canada has long lagged the United States when it comes to how much the economy produces per hour of work. But the situation has gotten worse over the past decade, especially coming out of the pandemic. Before the final quarter of last year, productivity had declined for six straight quarters. There are numerous theories about why Canadian productivity is so poor, despite having a well-educated workforce, a strong research culture and access to foreign markets through trade agreements.
She also said the country needs to do a better job integrating new workers into the economy. Boosting productivity entails both giving workers better equipment, and making sure their education and skills match the work they are doing.
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