Over the past few years, we have seen some pickup in productivity growth, albeit from a very depressed pace. By contrast, at a comparable stage in both the 2001–07 and 1982–90 economic expansions, productivity growth (as measured by an eight-quarter moving average) was actually slowing relative to its contemporaneous peak-to-present pace.
Underpinning economic recovery: laying the foundation for growth The Bank of Canada has taken one other very important action in response to the COVID-19 crisis. I’m referring to our large-scale asset purchases of Government of Canada securities on the secondary market. These purchases are supporting the liquidity and efficiency of this foundational market.