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The Growth Story: Canada's Long-run Economic Performance and Prospects

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  • Peter J. Nicholson

    ()

Abstract

In this lead article, Peter Nicholson, who until recently served as advisor to the Secretary General at the OECD and is currently serving as policy advisor to the Prime Minister, Paul Martin, discusses the long-run economic performance, prospects in Canada, and policy priorities based on the framework and insights that emerged from the recent study of economic growth released by the OECD. He argues that Canada has performed remarkably well since the mid-1990s, and that by the pro-growth policy prescriptions developed by the OECD, Canada is doing most things right. However, Nicholson points out that our productivity gap relative to the United States is still large and growing and that finding ways to increase productivity growth is an increasing social and political necessity. Nicholson develops a scorecard on Canada's economic performance based on a three-star rating scheme. He gives Canada three stars for sound macro policies, human capital, and exposure to trade; two stars for productive investment; and one star, or perhaps a little better, for innovation. Despite this strong performance, Nicholson cautions against complacency, particularly given the demographic challenge the country will be facing in the years to come.

Suggested Citation

  • Peter J. Nicholson, 2003. "The Growth Story: Canada's Long-run Economic Performance and Prospects," International Productivity Monitor, Centre for the Study of Living Standards, vol. 7, pages 3-23, Fall.
  • Handle: RePEc:sls:ipmsls:v:7:y:2003:1
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    File URL: http://www.csls.ca/ipm/7/nicholson-e.pdf
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    File URL: http://www.csls.ca/ipm/7/nicholson-f.pdf
    File Function: version en francais, pp:5-28
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    References listed on IDEAS

    as
    1. Carneiro, Pedro & Heckman, James J., 2003. "Human Capital Policy," IZA Discussion Papers 821, Institute for the Study of Labor (IZA).
    2. Abramovitz, Moses, 1986. "Catching Up, Forging Ahead, and Falling Behind," The Journal of Economic History, Cambridge University Press, vol. 46(02), pages 385-406, June.
    3. Oliner, Stephen D. & Sichel, Daniel E., 2003. "Information technology and productivity: where are we now and where are we going?," Journal of Policy Modeling, Elsevier, vol. 25(5), pages 477-503, July.
    4. Martin Neil Baily, 2003. "The Source of Economic Growth in OECD Countries: A Review Article," International Productivity Monitor, Centre for the Study of Living Standards, vol. 7, pages 66-70, Fall.
    5. Dale W. Jorgenson & Mun S. Ho & Kevin J. Stiroh, 2003. "Lessons for Canada from the U.S. Growth Resurgence," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 3-18, Spring.
    6. Bart van Ark & Robert Inklaar & Robert H. McGuckin, 2003. "The Contribution of ICT-Producing and ICT-Using Industries to Productivity Growth: A Comparison of Canada, Europe and the United States," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 56-63, Spring.
    7. BenoƮt Robidoux & Bing-Sun Wong, 2003. "Has Trend Productivity Growth Increased in Canada?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 47-55, Spring.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Andrew Sharpe & Celeste Bradley & Hans Messinger, 2007. "The Measurement of Output and Productivity in the Health Care Sector in Canada: An Overview," CSLS Research Reports 2007-06, Centre for the Study of Living Standards.
    2. Don Drummond & Evan Capeluck & Matthew Calver, 2015. "The Key Challenge for Canadian Public Policy: Generating Inclusive and Sustainable Economic Growth," CSLS Research Reports 2015-11, Centre for the Study of Living Standards.
    3. Andrew Sharpe, 2007. "Lessons for Canada from International Productivity Experience," International Productivity Monitor, Centre for the Study of Living Standards, vol. 14, pages 20-37, Spring.
    4. Andrew Sharpe & Olivier Guibaud, 2005. "Indicators of Innovation in Canadian Natural Resource Industries," CSLS Research Reports 2005-03, Centre for the Study of Living Standards.

    More about this item

    Keywords

    Productivity; Canada; Outlook; Macroeconomic Policy; Capital Investment; Trade Exposure; Human Capital; Research and Development; Economic Efficiency;

    JEL classification:

    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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