Revitalizing Canada’s economy starts with acknowledging a continuing and worsening slide in productivity
Former Bank of Canada governor Mark Carney speaks to reporters at the Liberal caucus retreat in Nanaimo, B.C., on Sept. 10.Mark Carney, the Liberal Party ’s newly appointed economic-growth czar, made a couple of critical points on his way in to meet with the caucus this week.. Canada can no longer count on the rules-based international trade system that has underpinned growth in the West since the end of the Second World War.
The consequences of failing to reverse this slide are unpalatable, to say the least. “Without improved productivity growth, workers will face stagnating wages and government revenues will not keep pace with spending commitments, requiring higher taxes or reduced public services,” the TD report states. That would be quite a legacy for a government that has prided itself on expanding social programs.
In an interview, TD Chief Economist Beata Caranci said the start of any policy reform should be scrapping Canada’s habit of simply reacting to U.S. decisions in order to minimize the competitiveness gap. Instead, she said, Canada should pursue the much more audacious goal of becoming a more attractive business environment than the United States.
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