The building blocks of economic growth are not robust, with an aging population in the Western world,
weak productivity gains and governments and consumers constrained by heavy debt loads.
The subpar growth reflects
weak productivity growth, which has averaged less than 1 % over the past five years, and a low rate of labor force participation that remains at levels last seen in the 1970s.
Nixon contends that distractions at work — including emails, smartphone notifications, or office noise — might
cause weaker productivity via two main channels:
He attributed
prolonged weak productivity and the low labor participation rate as the primary reasons why the current economic expansion is the slowest since World War II.
Spader's presentation addressed past and projected movements in the homeownership rate, and Calabria dove into why
reversing weak productivity and the low labor force participation rate are necessary to boost the economy.
The latest growth figures are too good to be true — demographics,
weak productivity, heavily indebted consumers, and rising interest rates will constrain Canada's economic growth eventually.