July 20, 2024

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Canada’s productivity ’emergency’ and what’s to blame

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John Ruffolo: We need our private sector and public sector to unite around their complementary strengths, allowing for a true ‘Team Canada’ approach

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When Bank of Canada senior deputy governor Carolyn Rogers called Canada’s weak productivity growth an “emergency” earlier this year, her words rang out with all the loud clarity of a fire alarm. We can all smell the (metaphorical) smoke and feel the rising temperature. Running away and hoping someone else puts the fire out won’t work.

The first step is for us to clearly define Canada’s productivity problem. Yes, we have a shrinking rate of economic output compared to our inputs, especially relative to our key global competitors. Declining national productivity ultimately means a lower standard of living for everyone, and less funding for the social programs that we currently enjoy.

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Special to Financial Post

2024-06-22 11:00:43

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