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Potential output in Canada: 2024 assessment

Author

Listed:
  • Dany Brouillette
  • Tessa Devakos

Abstract

We propose a tool that decomposes TFP growth into sectoral contributions. The analysis incorporates three structural factors—digitalization, aging and climate change policies—and measures their contributions. Overall, we expect that aggregate TFP growth will slow down in the 2020s below both its historical average and the average from the 2010s.

Suggested Citation

  • Dany Brouillette & Tessa Devakos, 2024. "Potential output in Canada: 2024 assessment," Staff Analytical Notes 2024-12, Bank of Canada.
    • Handle: RePEc:bca:bocsan:24-12
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    File URL: https://www.bankofcanada.ca/2024/05/staff-analytical-note-2024-12/
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    Keywords

    Climate change; Digitalization; Labour markets; Productivity;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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