Minister of Finance Ralph Goodale today urged Canadians to make boosting national productivity a priority in the years ahead, arguing that such growth is essential to maintain both standards of living and the high quality of life in Canada.

In his speech to the Halifax Chamber of Commerce, Goodale pointed out that Canada faces several significant challenges in the next 10 years, including an aging population and increasing competition from the fast-growing economies of India and China. These factors, he argued, make it imperative that Canada increase its productivity and make greater efforts to integrate Aboriginal people and new immigrants into the workforce.

“To improve, or even maintain, our position as one of the most successful economies in the world, we must meet the challenge of growth in the 21st century,” Goodale said. “And, when all is said and done, that boils down to one thing—productivity.”

Goodale added that the government has made major investments in measures aimed at improving productivity and has used tax reductions and other incentives to create a favourable economic and fiscal climate.

He also challenged the private sector to make a greater commitment to boosting productivity growth in Canada. “The time has come for Canadian businesses to step up to the plate and invest the capital needed to boost our research and development capabilities. The tools are in place and the time for action is now,” Goodale stated.