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Canada Faces ‘Critical Competitiveness Challenge,’ RBC CEO Says

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David McKay, chief executive officer of Royal Bank of Canada.

David McKay, chief executive officer of Royal Bank of Canada.

Photographer: Kevin Van Paassen/Bloomberg

Canada faces a competitiveness challenge that the nation must address with “tremendous urgency" or get left behind countries like the U.S. and China, warns Royal Bank of Canada’s chief executive officer.

“Our competitiveness in the world continues to be a topic of debate in Canadian business," David McKay said in prepared remarks for a speech Monday to the Canadian Club of Montreal. “The U.S. has moved the yardsticks. So has China, in a different way. It’s clear we can’t afford to stand still."