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Canadian economy lags behind U.S. in tech, training: Macklem
Deputy Governor of the Bank of Canada Tiff Macklem speaks to Chamber of Commerce about the labour market. (KEN GIGLIOTTI / WINNIPEG FREE PRESS) Photo Store
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Canada needs to expand its labour pool, make it more efficient and improve productivity to address growing issues of labour scarcity, according to Tiff Macklem, senior deputy governor of the Bank of Canada.
In a speech this morning to the Winnipeg Chamber of Commercem, Macklem said over the last 20 years there has been improved labour market efficiency in Canada. But in the last five years the most significant labour market challenge has been creating enough good jobs for workers.
He said those issues will continue to be crucial for the continued balanced growth of the Canadian economy.
When it comes to strategies to expand the labour force Macklem said Manitoba has been particularly enterprising in three areas:
- helping match employers with experienced older workers;
- addressing unemployment among the aboriginal population; and
- using foreign immigration to grow the labour force.
Macklem said the Canadian economy lags the U.S. badly when it comes to investing in technology and training.
On the trade front, Macklem said Canada needs to redouble efforts to expand its presence in emerging markets. For instance, he said Canada's share in the Asian market is shrinking and the U.S. economy -- Canada's largest trading partner -- is likey to continue to grow at a slower pace than had been the case in the past. Macklem echoed the Bank of Canada's latest stance on monetary policy.
He said, "To the extent that the economic expansion continues and the excess supply in the economy is gradually absorbed, some modest withdrawl of the present considerable monetary stimulus may become appropriate, consistent with achieving the two per cent inflation target over the medium term. The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments."
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