David McKay says capacity to advance our economy is stalling
he chief executive of Royal Bank of Canada, the country’s biggest lender by market value, said on Thursday that Canada’s struggle to compete with global peers is hurting its ability to grow the economy.
Canada, a G7 economy, has suffered in recent years from low productivity growth, lackluster foreign direct investment and difficulty in bringing oil, one of its major exports, to market due to a lack of pipeline capacity.
The Liberal government, which faces a general election in October, has committed to major infrastructure investment and has allowed businesses to write off additional capital investments to make them more competitive, but has opted not to match aggressive tax cuts by the United States.
“When I travel overseas, I often hear concerns from investors about Canada’s falling position in the world,” McKay said.