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Macklem Looks To Businesses To Improve Innovation To Help Productivity

CANADA

Speaking in the Q&A in Calgary, Macklem notes that businesses are very good at growing by expanding the number of workers… but our Achilles Heel is productivity (something we touched upon here after yesterday's eye-catching Q2 report).

  • It’s a massive topic and not a new issue.
  • There are some structural issues that won’t get changed anytime soon: we’re a large country with big transportation costs, we have a lot of SMEs which don’t have the resources to invest as much.
  • What could be changed a little quicker: We saw through the pandemic how innovative the business sector could be. [Talking to businesses] You were investing in new digital technologies even in the depths of a recession and we need to see that spirit.
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