MONTREAL – A group of researchers at Hautes Etudes Commerciales (HEC) say that over the past 30 years, productivity in Quebec has only slowly increased and that a large gap in economic prosperity separates it from the major Western economies.
The HEC Montréal Center for Productivity and Prosperity reports that over the past four years, labor productivity has remained neutral in Quebec, with average annual growth of just 0.1%.
Quebeckers have less money to consume and save than residents of other provinces. With an average disposable income of $ 28,455 per capita in 2017, Quebec is at the bottom of the pack, whereas 20 years ago, it compared favorably with the Canadian average.
The researchers propose three fields of action to increase Québec’s productivity and improve its performance: invest in education, stimulate private investment and foster innovation.
The report laments that Quebec has long been at the bottom of the national ranking in terms of public spending on education. The growth of these real expenditures over the past 10 years has only been 9%.
In terms of research and development, non-residential private investment amounted to $ 8,212 per job in 2017, which means that Quebec is rather weak against the 20 countries of the Organization for Co-operation and Development. economic development (OECD) with which it is compared year after year.