Canadian farmers could see significant income gains and new opportunities if agricultural productivity growth returns to historic highs.
The Farm Credit Canada (FCC) report titled Reigniting agricultural productivity in Canada, estimates that boosting productivity growth to two per cent annually could unlock $30 billion in additional farm income, generate $31 billion in GDP, and create nearly 23,000 jobs across the country.
The report says Canada has long been a standout among global food producers.
Over the past half-century, the agriculture industry has achieved significant productivity growth through better farm management, improved input efficiency and technological innovation.
The report warns, however, that productivity growth has slowed in recent years, threatening the industry’s competitiveness and Canada’s ability to meet growing national and global food demand.
(FCC news release)
