Productivity

• October 9, 2025

  Prosperity through productivity

  Speech summary Carolyn Rogers Canadian Club Toronto Toronto, Ontario

  Senior Deputy Governor Carolyn Rogers discusses how productivity growth can boost Canada’s prosperity and resilience, especially in a shock-prone world. Focusing on Canada’s banking sector, she explains how competition can improve productivity. But, she warns, it comes with trade-offs that must be managed carefully.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Financial institutions, Financial services, Financial system regulation and policies, Firm dynamics, Productivity
• October 9, 2025

  Productivity’s competitive edge

  Remarks Carolyn Rogers Canadian Club Toronto Toronto, Ontario

  Senior Deputy Governor Carolyn Rogers discusses how productivity growth can boost Canada’s prosperity and resilience. She also outlines how upcoming financial sector reforms are designed to increase competition.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Financial institutions, Financial services, Financial system regulation and policies, Firm dynamics, Productivity
• September 23, 2025

  Global trade, capital flows and Canada’s prosperity

  Remarks Tiff Macklem Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan

  Governor Tiff Macklem discusses four megatrends that are transforming the global economic and financial landscape. He outlines how US tariffs are affecting the Canadian economy and what structural changes are needed to ensure Canada’s prosperity.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Exchange rates, Financial markets, Financial stability, Financial system regulation and policies, Foreign reserves management, Inflation and prices, International financial markets, International topics, Monetary policy and uncertainty, Productivity, Recent economic and financial developments, Trade integration
• September 23, 2025

  Time to roll up our sleeves

  Speech summary Tiff Macklem Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan

  Governor Tiff Macklem outlines four megatrends that are transforming the global economic and financial landscape. He also talks about the structural reform needed to ensure Canada’s long-term prosperity.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Exchange rates, Financial markets, Financial stability, Financial system regulation and policies, Foreign reserves management, Inflation and prices, International financial markets, International topics, Monetary policy and uncertainty, Productivity, Recent economic and financial developments, Trade integration
• July 17, 2025

  How economic uncertainty disrupts investment

  

  Business investment plays a pivotal role in economic growth.

  Content Type(s): Publications, The Economy, Plain and Simple Research Topic(s): Expectations, International topics, Price stability, Productivity, Trade integration

• Assessing global potential output growth: April 2025

  Staff Analytical Note 2025-15 Samuel Boulanger, Raheeb Dastagir, Daniel de Munnik, Eshini Ekanayake, Kun Mo, Walter Muiruri, Faiza Noor, Sabreena Obaid, Louis Poirier

  This note presents the annual update of Bank of Canada staff estimates for growth in global potential output. These estimates served as key inputs to the analysis supporting the April 2025 Monetary Policy Report.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Potential output, Productivity JEL Code(s): E, E1, E2, F, F0, F1, O, O3, O33, O4

• Potential output in Canada: 2025 assessment

  Staff Analytical Note 2025-14 Selam Abraham, Dany Brouillette, Alex Chernoff, Christopher Hajzler, Stéphanie Houle, Mark Kim, Temel Taskin

  We explore two scenarios for potential output growth to gain insights into the economic consequences associated with different possible trade policies. Scenario 1 includes limited US tariffs on Canadian exports. Scenario 2 adds a permanent, broad-based 25% increase in US tariffs on imports from all countries excluding Canada and Mexico.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Economic models, Labour markets, Monetary policy, Potential output, Productivity JEL Code(s): E, E2, E3, E4, E5

• The Shift in Canadian Immigration Composition and its Effect on Wages

  Staff Discussion Paper 2025-8 Julien Champagne, Antoine Poulin-Moore, Mallory Long

  We document recent changes in Canadian immigration, marked by an increasing prevalence of temporary residency. Using microdata from Statistics Canada's Labour Force Survey, we show that temporary workers' characteristics and nominal wages have diverged from those of Canadian-born workers.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Labour markets, Productivity JEL Code(s): J, J2, J20, J24, J6, J61

• Assessing the Impact of Demographic Composition on Productivity

  Staff Discussion Paper 2025-3 Justin-Damien Guénette, Lin Shao

  We examine how demographic factors influence potential output, focusing on how the age distribution of the working-age population and the old-age dependency ratio affect aggregate productivity. Following Feyrer (2007), we emphasize that the contribution to aggregate productivity varies by age group, with middle-aged individuals (aged 40 to 49) being the most productive.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): International topics, Potential output, Productivity JEL Code(s): J, J1, J11, O, O4, O47, O5, O51
• February 21, 2025

  Trade conflict: What can the Bank of Canada do?

  Speech summary Tiff Macklem Mississauga Board of Trade-Oakville Chamber of Commerce Mississauga, Ontario

  Governor Tiff Macklem discusses how a trade conflict would affect the Canadian economy and monetary policy. He also outlines what the Bank of Canada is focusing on as it renews its monetary policy framework.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Economic models, Housing, Inflation targets, International topics, Monetary policy and uncertainty, Monetary policy framework, Potential output, Productivity, Recent economic and financial developments, Trade integration