Indeed, business sector labour productivity in Canada grew at an annualized rate of 2.0 per cent from 1997 to 2001, much higher than the 1.2 per cent average over the 1990-96 period, and only a bit below the revised 2.3 per cent rate of productivity growth recorded in the United States.
As we look forward, we see positive signs for future productivity growth in Canada, thanks to the efforts of Canadian firms to adjust to new technologies and incorporate them into their business processes. The shocks of 2000-2001 Indeed, the economy has held up remarkably well when you consider that we have been hit with four major shocks during the past couple of years.