OTTAWA — To lift the economy’s future growth prospects, a top Bank of Canada official is pointing to three areas that have helped the country in the past and could do so again: education, immigration and trade liberalization.<\/p>\n
In a speech today in Ottawa, Bank of Canada deputy governor Lawrence Schembri says the country’s potential output gauges what the economy can achieve on a sustainable basis over the long run.<\/p>\n
Schembri says Canada, like most advanced economies, has watched its growth in potential output follow a general, downward trend in recent decades — in large part due to the “formidable challenge” of aging populations.<\/p>\n
In prepared remarks of his speech, he says Canada can turn to policy solutions that have helped support potential growth in the past.<\/p>\n
Schembri argues that education and training will help workers keep up with the acceleration of technological change, make them more productive and help reduce income inequality.<\/p>\n
He says the expansion of immigration levels delivers an obvious injection to the labour supply, however, he adds that the country must do a better job of matching newcomers’ skills with the needs of the workforce.<\/p>\n
The deputy governor says Canada could get a bigger boost from trade by opening up new avenues and lowering more barriers for companies. It must, however, maintain a focus on ensuring workers will also see some of the benefits, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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