In this regard, however, we must be realistic: what we can do today is based on a couple of years’ work and the first positive results of our present activities will be visible in two to three years. Structural changes are very significant and must be implemented without delay, but their results are slow in coming!
What I find encouraging is that, despite the decline in dynamism, the sectoral adjustment required as a result of the fall in oil prices happened within the anticipated time frame. This episode shows that the Canadian economy is still flexible enough to absorb a major shock. That said, significant challenges remain, as our productivity is still well below that observed south of the border.