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HomeLatest NewsCanadian NewsBoC Sounds Alarm: Canadian Productivity Plunges to Crisis Point

BoC Sounds Alarm: Canadian Productivity Plunges to Crisis Point

BoC official has declared the need for productivity improvement to an emergency level due to the potential for inflation to become more significant in the future.

BoC’s Senior Deputy Governor Carolyn Rogers Calls for Productivity Improvement

• BoC senior deputy governor Carolyn Rogers emphasized the need to improve productivity in Canada.
• Rogers noted that Canadian labour productivity saw a small gain at the end of last year, but it came after six consecutive quarters of productivity decline.
• She noted that the level of productivity in Canada’s business sector remains relatively unchanged from seven years ago.
• Rogers emphasized the need to improve productivity as many factors that created a benign inflation environment are expected to fade or reverse.
• The Bank of Canada’s next interest rate decision and monetary policy report is set for April 10.
• Rogers emphasized that strong productivity can lead to faster growth, more jobs, and higher wages with less risk of inflation.
• She highlighted Canada’s lagging productivity record and the need for investment in machinery, equipment, and intellectual property.

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