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Declining productivity is the most significant threat to Canada’s standard of living ...
Declining productivity is the most significant threat to Canada’s standard of living
Over the last decades, productivity in the Canadian economy has failed to grow at the same pace as the United States and other advanced economies.
- Productivity growth in Canadian manufacturing averaged 0.88% between 2000 and 2008, well below the 3.3% rate of growth for U.S. manufacturing
- As labour costs rose between 2000 and 2007, Canadian business’ per-worker investment in labour-saving machinery and processes was only 52% of the U.S. investment
- 43% of new jobs come from the fastest growing 5% of all firms
- Only 2.66% of Canadian services firms five years or older are able to maintain high-growth. In the U.S. that number is 4.5%. In Israel it's 5.43%
- An over-reliance on NAFTA means that Canada has 10 Free Trade Agreements compared to Chile’s 52 thereby limiting potential growth
Find out about the myths, the facts and what Canada has to do to restore its competitiveness. Download the full report: http://www.productivity.deloitte.ca