While the Canadian business environment may seem stable initially, it harbours notable weaknesses that demand attention from shareholders, business owners, directors, managers, and stakeholders. These weaknesses are not fleeting or tied to seasonal fluctuations; they are inherent structural issues deeply ingrained in our economy. To reverse this trend, it's crucial to address these core issues rather than merely assisting individual businesses with their immediate challenges. By tackling these underlying problems, we can harness favourable conditions to drive better outcomes for businesses. As quoted in the Financial Post, Trevor Tombe, an economics professor at the University of Calgary, mentioned at the annual Canada Growth Summit that :
"Over an eight-year period, Canada has never seen slower labour productivity growth..." that "The country’s productivity has fallen for the past 13 quarters and is now back to where it was in 2016."
Some of the points discussed were: - Reducing single points of failure in supply chains
- Reducing geopolitical risks - Long-term investments to attract domestic and international capital Full article on msn:
https://www.msn.com/en-ca/money/topstories/canada-s-productivity-woes-going-from-bad-to-worse-warn-economists/ar-BB1ltgt7?ocid=msedgntp&pc=LCTS&cvid=95faf20282284d3b92b0fd7e52b69de6&ei=33#:~:text=Canada%27s%20productivity%20problem%20has%20gone,the%20annual%20Canada%20Growth%20Summit%20.
We know that innovation, knowledge transfer, new technology implementation leads to greater productivity, and that greater productivity leads to growth, which leads to increased purchasing power and quality of life. Where do you see opportunities to implement innovation ideas?
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