Low productivity puts Canada’s standard of living in jeopardy, says Deloitte report
The study, which warns that middling growth will shrink Canadian prosperity, says we need to focus investment in key sectors, accelerate global engagement and commit to tech skills training
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TORONTO—A study by professional services firm Deloitte says that Canada’s prosperity is at risk.
Bold bets for our country: It’s time for deliberate action finds that with a GDP growth rate of only 1.4 per cent and productivity growth that fails to keep pace with our key competitors, Canada’s standard of living is in danger of declining. That is, unless government and business leaders shake things up.
“In order for Canada to assume its place as a dominant player in the global economy we need courageous leaders to engage in new levels of collaboration amongst businesses, governments and educational institutions. We all need to think and act differently and with urgency to guarantee the future prosperity of our nation,” said Frank Vettese, managing partner and chief executive, Deloitte.
Deloitte polled public and private sector leaders from across the country on the best ways to improve Canada’s productivity over the next 25 years.
The firm found three key areas which it says can put our country on the path to success:
- Canada must focus its investments in areas where it has a current and potential competitive advantage. This means avoiding the current “peanut butter” approach of thinly spreading resources across many sectors and areas.
- Canada needs to dramatically accelerate its global engagement, leveraging its identity of openness and diversity, and significantly change in the way it competes, supplementing its existing “nice” brand with “aggressive” actions.
- Canada must create global skills training that will equip Canadians for increasing technological disruption. Business must take the leading role in educating and training competitive workers.
“Canada is faced with technological disruption at an accelerated pace and intense global competition. Unless we make bold decisions and have the public and private sectors more tightly collaborating, the competitiveness of our economy and our standard of living will be seriously threatened,” said Duncan Sinclair, vice chair, Deloitte in Canada.