Change in Productivity 2007-2023

#productivity #gdp Various levels of government in Canada, alongside Canadian businesses, must take significant and decisive action to alter the course of productivity. However, this task is challenging as it necessitates profound shifts in culture and public opinion. All stakeholders need to identify policies that streamline processes and reduce bureaucratic obstacles for businesses, which must ultimately be implemented by governments and public service bodies.

According to IMF and Eurostat statistics, Canada is reporting concerning figures. Inflation has significantly outpaced productivity growth, whereas the opposite trend was expected. This situation is exacerbated because while rising productivity is typically expected to mitigate inflation, persistent inflation can, over an extended period, actually diminish productivity. What will it take to reverse the course? What will it take to make that symbolic change?