Canada’s economic future: Official urges increased productivity [Video]

HALIFAX –

A senior Bank of Canada official says the need to improve productivity has reached an emergency level as the economy faces a future where inflation may be more of a threat than in the past few decades.

“You know those signs that say ‘In an emergency, break the glass?’ Well, it’s time to break the glass,” Bank of Canada senior deputy governor Carolyn Rogers said in a speech Tuesday.

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Rogers said Canadian labour productivity eked out a small gain at the end of last year, but that came after six straight quarters where productivity fell.

She noted the U.S. has seen productivity gains coming out of the pandemic as firms found their footing, but Canada has not seen the same.

“In fact, the level of productivity in Canada’s business sector is more or less unchanged …