remarks by tiff macklem governor of the bank of canada canadian chamber of commerce february 9, 2022 ottawa, ontario ( delivered virtually ) the role of canadian business in fostering non - inflationary growth introduction it is a pleasure to join this summit to talk about the economic recovery. i ’ m particularly pleased to be here to discuss the challenges canada must overcome to sustain strong growth. and when i say, “ sustain strong growth, ” to be clear, that means “ non - inflationary growth. ” there is no better time than now to have this discussion. our economic recovery from the deepest recession on record has been strong. canadian businesses and workers have shown impressive ingenuity and resilience. employment is robust, household savings are high, and immigration is rebounding. as we emerge from the covid - 19 pandemic, canada has the opportunity to make long overdue gains in productivity. in the years ahead, business investment decisions will determine the path of canada ’ s productivity growth. and productivity growth is vital to non - inflationary growth and rising standards of living. at a time when inflation is already well above our target, this is more vital than ever. today, i ’ d like to talk to you about two things. first, i want to unpack what is behind the bank of canada ’ s latest economic projection and explain why we expect a pickup in investment and productivity growth. and second, i ’ d like to outline the path to get there — crossing a bridge from the ingenuity we ’ ve seen through the pandemic to long - term productivity growth. unpacking the projection canada has come through the pressure cooker of the pandemic with impressive resilience, and critical business investments in digital technologies were an important element of this success. those of us who could shifted to remote work. almost everyone learned how to buy and sell online, and many businesses shifted supply chains as borders closed. by january 2021, during the second canadian lockdown, one - third of canadian employees worked most of their i would like to thank tatjana dahlhaus, christopher hajzler, james ( jim ) c. macgee, temel taskin and ben tomlin for their help in preparing this speech. not for publication before february 9, 2022 12 : 00 pm eastern time - 2hours from home, compared with just 4 % in 2016. 1 these digital investments have been essential to sustaining our economy through the pande

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