The current Canadian government has declared itself feminist and has taken a number of steps to improve labour market outcomes for women. In terms of employment and labour force participation, Canadian women do much better than the OECD average.
Canada has long taken in more immigrants relative to its population than most other countries. Immigration policy in Canada aims to promote economic development by selecting immigrants with high levels of human capital, to reunite families and to respond to foreign crises and offer protection to endangered people.
Well-being is high in Canada, and the economy has regained momentum, supported by a rebound in exports and strengthening business investment. Macroeconomic policies are gradually becoming less stimulatory, and budget policies are sustainable in the long term, although difﬁ culties remain at the provincial level.
Growth is back. We estimate GDP growth in G7 economies in 2017 to be around 2%, the highest since 2010. The unemployment rate is finally below the pre-crisis level at 6%.
It is a pleasure to address the Montreal Council of Foreign Relations. The former OECD Secretary-General, Donald Johnston, was here almost twelve years ago (in 2006). His speech was about keeping up with competitiveness in an increasingly interconnected economy, at a time when the economic situation was profoundly different from today.
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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.
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.