Bank of Canada Calls for Urgent Action on Lagging Productivity as Inflation Looms

• Bank of Canada official says it's "time to break the glass" on improving productivity as inflation threatens economy • Productivity growth in Canada has been flat or falling for years; lags behind U.S. • Changing demographics, climate change, trade tensions all seen as drivers of future inflation • Lagging business investment in machinery, equipment, IP is key factor limiting productivity • Need to align training/education with skills needed, and improve competitiveness to drive innovation