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This country note from Going for Growth 2017 for Canada identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Canada’s productivity performance has lagged that of many other OECD countries, despite some improvement in recent years.
Small business dynamism is a feature of an SME sector that contributes to overall productivity growth, not an end in itself.
Canadians enjoy a high level of well-being. On all eleven components of the OECD’s Better Life Index, Canada performs better than the OECD average. The economy and labour markets stood up better than those of most OECD countries to the ravages of the global financial crisis. Still, there are some areas where the country can do even better. Canada needs to improve its productivity performance, building on the recent increased growth in labour productivity to narrow the gap with top-performing OECD countries in terms of the level of productivity. The productivity gap with the United States is particularly large for small and medium-sized enterprises. Productivity growth could also be more inclusive. People from socially disadvantaged backgrounds and Indigenous communities currently do not participate to the extent that they should in the country’s strong economic performance. Finally, Canada needs to make growth greener, in order to contribute its fair share to the global fight against climate change.
Today’s theme – prospering in a low-growth era – suggests that growth rates have declined permanently and that we should focus on how to prosper in such new conditions. There are many problems facing us today not directly related to the pace of economic growth. Indeed, some challenges, like climate change, may actually be eased by slower growth.
The Canadian economy is adjusting to the fall in commodity prices, but additional policies are needed to boost productivity, reduce financial stability risks and make future growth stronger, greener and more inclusive, according to a new OECD report.
The Canadian economy is adjusting to the fall in the terms of trade. The main challenges are to reduce financial stability risks, boost productivity growth and make growth greener and more inclusive.
Achieving strong growth in the global economy remains elusive, with only a modest recovery in advanced economies and slower activity in emerging markets, according to the OECD’s latest Interim Economic Outlook.
Low oil prices and monetary easing are boosting growth in the world’s major economies, but the near-term pace of expansion remains modest, withabnormally low inflation and interest rates pointing to risks of financial instability, according to the OECD’s latest Interim Economic Assessment.
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This country note from Going for Growth 2015 for Canada identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.