Scotiabank's CEO, Scott Thomson, suggests that Canada's productivity can be improved by establishing connections between businesses in North America. He emphasizes the importance of this strategy in the bank's turnaround plan, as the country's low productivity and business investment levels pose a threat to inflation and living standards. Thomson proposes connecting businesses to facilitate deals, trade, and lending opportunities across Canada, the United States, and Mexico to boost productivity.
chief executive officer Scott Thomson said that Canada could bolster its waning productivity by building links between businesses across North America – a key component of the bank’s turnaround strategy .that the country’s soft labour productivity and low business investment levels pose an emergency that makes it more difficult to ease inflation, which could worsen living standards . During Scotiabank ’s annual shareholder meeting Tuesday, Mr.
The bank plans to deploy 90 per cent of its capital over the next few years – up from 70 per cent in 2023 – to its businesses in Canada, the U.S. and Mexico, where it believes it can benefit from rising trade in the region. “That said, we have not always taken full advantage of those opportunities to build an even more productive and integrated economy that benefits all citizens across the region,” he said. He added that Canada’s productivity has lagged its peers in the Organization for Economic Co-operation and Development, including the U.S.
In response to a shareholder question about when the new plan would begin boosting the lender’s stock, Mr. Thomson said the strategy is still in the early stages of its rollout, and the bank has already started seeing benefits from the changes. Scotiabank
Scotiabank CEO Canada Productivity Business Links North America Turnaround Strategy Inflation Living Standards Trade Lending Opportunities
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