Growth has been strong, but productivity still low, Bank of Canada deputy says
SHERBROOKE, Que. — Economic growth in Canada has been strong in recent quarters, but significant challenges remain and productivity levels are still well below those in the United States, a senior Bank of Canada official says.
Speaking to the Sherbrooke Chamber of Commerce, Bank of Canada deputy governor Sylvain Leduc said Tuesday that productivity growth could be increased by reducing the barriers that future fast-growing firms may face.
Leduc says a report from the World Bank noted that Canada is one of the easiest countries to start a business, but he added that it is more difficult for firms to grow beyond a certain point.
He says the recent free trade deal with Europe and an agreement earlier this year to help reduce barriers to interprovincial trade are encouraging examples to help firms grow.