RBC launches The Growth Project--inaugural report offers key insights and actionable solutions to address Canada's growth crisis

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RBC launches The Growth Project--inaugural report offers key insights and actionable solutions to address Canada's growth crisis /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire TORONTO , June 4, 2024 /CNW/ - Canada is stuck in an economic rut. Our economy, when adjusted for inflation and immigration, is smaller than it was before the pandemic -- and pretty much in the same place it was a decade ago. Against this backdrop, RBC is launching The Growth Project , a multi-part initiative focused on Canada's economic growth trajectory. The initiative will offer key insights into productivity, AI, the agriculture sector, immigration, trade, and skills development, and will propose actionable strategies that can help solve Canada's growth problems. "Canadians are telling us that economic uncertainty -- low growth yet higher prices -- is their top concern. Addressing these issues has become a key focus for RBC. We're convening stakeholders across the country -- exploring ideas and solutions that can put our economy on a better growth track. We're also making strategic investments to help Canada's workforce meet current and future labour market needs," said John Stackhouse , SVP, Office of the CEO. And today, RBC Economics & Thought Leadership launched the inaugural Growth Project research report titled Canada's Growth Challenge: Why the economy is stuck in neutral . The report explores the conditions that have led to Canadians working more, but producing less and explains why our collective productivity is our country's most pressing economic challenge. "When we look at the Canadian economy since the turn of the century, it's clear that our growth has stagnated. On average we've seen productivity growth of less than 1% per year. The problem is even more acute when we compare Canada's growth against that of the United States where our per-capita GDP runs 30% below U.S. levels," said Nathan Janzen , assistant chief economist, RBC Economics & Thought Leadership. "It's a multitude of issues contributing to the problem -- from a lack of business investment to cumbersome tax regulation. What our research shows is that the ...

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