Prime Minister Justin Trudeau’s government and his provincial counterparts must be “laser-focused” on growing the productive capacity of Canada’s economy or risk falling further behind other nations, says a new report co-authored by former Bank of Canada Governor David Dodge.

Gross domestic product per capita in Canada has lagged other advanced economies for decades – cumulatively growing just 6.8% between 2007 and 2023, compared with 21.4% in the US, 19.6% in Australia and 11.8% in the euro area, Dodge and his co-authors write in the mid-year economic outlook published by the law firm Bennett Jones.