Wealthsimple CEO Calls Canada’s Productivity Lag a ‘Crisis’
- Michael Katchen says the problem requires ‘cultural change’
- Canada needs to diversify and grow economy, Katchen adds
Mike Katchen, chief executive officer of Wealthsimple
Photographer: Galit Rodan/BloombergThis article is for subscribers only.
The head of Wealthsimple Inc. called Canada’s productivity problem an “absolute crisis” that will take a major entrepreneurial push to fix.
Michael Katchen, chief executive officer of the Canadian online investment service, said turning the issue around will take a “cultural change” and require policymakers and the business community to get on board. Worse still, the problem is poised to deepen because the country’s primary growth strategy — mass immigration — is being “gutted” as federal policymakers dramatically scale back targets for permanent and temporary residents, he argued.