Slow growth in Canada and other Western economies should not be considered the ‘new normal’ according to a report from the Fraser Institute. Economist Phil Gross says that rather than monetary policy administrations should be looking at reducing regulation and opening up ‘protected’ industries to allow greater competition. He says that instead of pessimism in the wake of the financial crisis it was important to embrace change that could see Canada benefit from the growing US economy. He highlights many positives that Canada has that can enable it to thrive in ways others may not including a stable banking system and a younger workforce than some other economies allowing new technologies to be adopted more easily.
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