September 20, 2024
Productivity
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August 27, 2024
How high productivity helps fight inflation
Higher productivity helps keep prices down and wages up. It gives workers more money to spend and increases the value they get when they spend it. And it allows businesses to weather cost increases without having to raise prices. All together, these factors drive economic growth. -
June 24, 2024
Workers, jobs, growth and inflation—Today and tomorrow
Governor Tiff Macklem explains why Canada’s labour market has had a fairly smooth adjustment to slowing economic growth. He also discusses Canada’s labour market advantages and the challenge of improving productivity growth and investment. -
June 24, 2024
Making the labour market work for everyone
Governor Tiff Macklem talks about how the labour market has adjusted to higher interest rates and slower economic growth. He also discusses how a strong, inclusive labour market is key to growth in the long run. -
Total factor productivity growth projection for Canada: A sectoral approach
We propose a tool that decomposes TFP growth into sectoral contributions. The analysis incorporates three structural factors—digitalization, aging and climate change policies—and measures their contributions. Overall, we expect that aggregate TFP growth will slow down in the 2020s below both its historical average and the average from the 2010s. -
Potential output in Canada: 2024 assessment
We expect that potential output in Canada will grow by 2.3% and 2.5% in 2023 and 2024, respectively, and average slightly below 1.7% by 2027 as population growth moderates. Relative to the April 2023 assessment, growth is revised up in 2024, with a larger contribution from trend labour input due to higher-than-anticipated population growth. We revise down our estimates of growth over 2025–26. -
Assessing global potential output growth: April 2024
This note presents the annual update of Bank of Canada staff estimates for growth in global potential output. These estimates serve as key inputs to the analysis supporting the April 2024 Monetary Policy Report. -
March 26, 2024
Time to break the glass: Fixing Canada’s productivity problem
Senior Deputy Governor Carolyn Rogers explains how higher productivity can protect the economy from future bouts of inflation and why fixing Canada's productivity problem should be a priority for all Canadians. -
March 26, 2024
The productivity problem
Senior Deputy Governor Carolyn Rogers talks about some of the reasons for Canada’s poor productivity track record, and what we can do to turn the tide. -
Regulation, Emissions and Productivity: Evidence from China’s Eleventh Five-Year Plan
We study the degree to which China’s 11th Five-Year Plan softens trade-offs between emissions and output. Our model suggests efficient regulation could have further increased aggregate productivity by 3.5% and output by 4.7% without any increase in aggregate emissions.