Lack of investment is a 'big part' of Canada's productivity slowdown — and it could get worse [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
A lack of innovation and investments in businesses are key reasons why Canada's labour productivity growth rate has declined in the past two decades, according to a new Statistics Canada study, and business leaders say the capital gains tax hike in the latest budget will only make things worse. Labour productivity grew at about 1.8 per cent per year between 1980 and 2000, but it slowed to around one per cent from 2000 to 2015 and 0.8 per cent from 2015 to 2022, the agency said. Article content Article content A lack of investment in businesses was a major reason behind the slower growth rate, as its contribution to labour productivity fell to about 0.4 per cent during the 2015–2022 period from about 0.9 per cent during the 1980–2015 period. Innovation rates also declined in the past two decades compared to the 1980s. The contribution of Canada's multifactor productivity growth — which the Statistics Canada study associates with technological or organizational change — in la
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