Upping our Game: How Canada’s Financial Sector Can Spur Economic Performance

Unleash Financial Sector to Drive Economic Performance

• Rules and regulations holding back innovation and productivity in Canada’s financial sector should be updated to drive wider economic performance.
• Over the past 18 years, Canada has lagged behind many OECD countries – including Australia and the UK – in terms of productivity. And with the pandemic’s impact exacerbating pre-existing weaknesses and damaging productive capacity, enhancing productivity growth will be vital to drive Canada’s economic recovery. 
• “The financial services sector has the unique ability to boost both its own productivity and that of other sectors,” says co-author Jeremy M. Kronick. “That’s why it’s for the benefit of the Canadian economy to remove restrictive rules that hinder financial services productivity.