Canadians would be $5,000 better off if our productivity matched that of the U.S., says BoC official
I wasn’t planning to write a two-part series on productivity this week, but then again, I wasn’t counting on so much high-profile help in making the case that it’s way past time for Canada to start taking the subject seriously.
Last week, Mark Little, chief executive of Suncor Energy Inc., one of the country’s biggest companies, made the rarely heard point that however cumbersome regulation has become, there isn’t actually a law that forbids companies from buying cutting-edge technology. “This is on us as leaders,” he said at an event in Toronto.
On Feb. 5, it was the Carolyn Wilkins’ turn to prod. Again, Toronto was the setting. The No. 2 official at the Bank of Canada told her audience that if Canadian productivity had grown as fast as that of the United States’ during the 1990s, gross domestic product would be about 13 per cent higher today, or $2.4 trillion instead of $2.1 trillion.
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