To stay productive with an aging population, Canada must attract better technology, according to a new report.
A Fraser Institute report released on Friday said Canada’s aging population will slow the economy, and leaders should counteract this effect by attracting technology that boosts worker productivity.
“[There’s] likely serious implications for economic growth and living standards unless policymakers take action,” said Steven Globerman, a senior fellow at the Fraser Institute.
Leaders should make Canada more attractive to investors, he said, by changing policies that impact investors’ bottom-line.
Globerman said tax scheme adjustments could be a primary policy, allowing investors better financial opportunity, and Canadians better work technology.
According to the report, Canadians need rising productivity and wages to increase their standard-of-living, because they should be ready to soon pay more from their paychecks to provide social assistance to a large share of the population that’s aging into the 65+ bracket.
Since predictions for Canada show a growing share of dependents and a shrinking share of potential workers, Globerman said economic growth needs to come from the areas of technology and innovation.
Canada set a record-high level of job vacancies last year, which a policy expert recently said was driving Canada’s recent record-low levels of unemployment.
