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The Bank of Canada is sounding the alarm about the country’s productivity lagging behind other countries.
Carolyn Rogers, the central bank’s deputy governor, said in a speech that Canada’s need for productivity has reached a “level of urgency. “
“You know those symptoms that say, ‘In an emergency, break the window?’Well, it’s time to break the glass,” he said.
Rogers noted that labour productivity in Canada has declined for six consecutive quarters and that the country faces a dubious future due to threats such as inflation, climate change and technological disruption.
The principal lieutenant governor also highlighted that the U. S. has noticed productivity gains as a result of the Covid-19 pandemic, as businesses have figured out their place, but Canada has noticed gains in recent years.
“The productivity point in Canada’s corporate sector remains more or less unchanged from seven years ago,” Rogers said.
The Bank of Canada chief’s comments come days after data from Statistics Canada showed that the number of Canadians receiving unemployment benefits in January this year rose 18% from a year earlier and above pre-pandemic levels.
Rogers noted that Canada’s productivity hole is a chronic disease that is now reaching crisis levels.
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He said that when comparing Canada’s recent productivity record with that of other countries, what jumps out at you is the country’s lack of investment in machinery, apparatus and intellectual property.
He also said Canada wants to make sure schooling and education teach the skills needed today, while a more competitive business environment would drive innovation and efficiency.
Inflation in Canada is slowing and fell to an annualized rate of 2. 8% in February this year. The central bank targets an annual inflation rate of 2%.
The Bank of Canada’s next interest rate resolution and policy report are scheduled for April 10 this year.