Le Lézard
Classified in: Business
Subject: SVY

PwC Canada launches the second edition of the Quebec Economic Health Index


Human capital: a key driver of Quebec's economy

MONTREAL, June 13, 2018 /CNW/ - The new edition of the Quebec Economic Health Index presents a number of convincing findings regarding human capital and the provincial labour shortage. How is Quebec's economy faring? What about the provincial labour force? What issues are we facing? How are they affecting our decision-making? How can we embrace automation as we make the transition to a service-based economy? In answering these questions, PwC Canada updated its one-of-a-kind Quebec Economic Health Index, which provides a broad-based and reflective means of analysis.

Quebec's economy is in good shape. The Index indicates growth of 23.17% between 1980 and 2016, i.e. a period of 36 years that includes two recessions.

Human capital: a renewable energy source?

"This year, we analyzed the variables that contributed the most to the growth and health of Quebec's economy. Human capital is identified as the key economic driver, as well as a source of strength that needs to be renewed. The post-secondary graduation rate and immigrants' employment rate are at the root of the Quebec economy's current health and growth rate. At the same time, the ratio of the working-age population to the total population, which is aging, is making a significantly negative contribution," said Sonia Boisvert, partner at PwC Canada.

More recently (2010-2016), the aging population is one variable that has caused the provincial economy to sputter. The labour force participation rate for 45-to-64 year-olds and the post-secondary graduation rate were the twin drivers of Quebec's economy. Both of these variables will be affected by the digital transition. In recent years, a number of high-value-added sectors have flourished in Quebec, marking the transition to a service-based economy. During the ongoing digital transition, this variable will warrant scrutiny as it will serve as an indicator of the strength of this transition in Quebec.

Access to education (including more democratic access), in addition to education quality and performance, are the variables underlying the Human Capital thematic group. They will have to be monitored with a view to maintaining human capital as Quebec's key economic driver.

"Education is undeniably a key variable for economic development. That means that the chances for success should be the same for all of us, regardless of our geographic location or our economic or social position. This is one reality highlighted by the Index this year. Considering the various transformations, including digital, underway at the corporate level, we need to maintain an agile workforce that can adapt to organizational changes since the future will be about value-added jobs," said Alain Robichaud, a consultant with PwC Canada's Consulting group.

Main findings for 2018

The Quebec Economic Health Index shows a pattern of economic vigour for the past 36 years. The three variables that have contributed most (nearly 60%) to the Quebec economy's increased strength are:

Investment and human capital have been Quebec's key economic drivers for the past 36 years.

However, Quebec's economic health has faltered somewhat since 2010. In this regard, the key variables are:

About the Quebec Economic Health Index
Consisting of 26 variables divided into four thematic groups (Industrial Demographics, Investment, Growth and Human Capital), the Quebec Economic Health Index provides a broad-based view that captures trends affecting the strength of the provincial economy.

The Index applies the same methodology used by leading economic institutions across Canada. It was developed by a PwC Canada team in collaboration with an expert specializing in Quebec's economy and a committee of economic experts.

About PwC Canada
At PwC, our purpose is to build trust in society and solve important problems. More than 6,700 partners and staff in offices across the country are committed to delivering quality in assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms with more than 236,235 people in 158 countries. Find out more by visiting us at www.pwc.com/ca.

© 2018 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved.

PwC refers to the Canadian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see http://www.pwc.com/structure for further details.

SOURCE PwC (PricewaterhouseCoopers)


These press releases may also interest you

at 12:30
International Petroleum Corporation (IPC or the Corporation) reports the following, in accordance with the Swedish Financial Instruments Trading Act: Following the cancellation of 445,000 common shares repurchased by IPC under the normal course...

at 12:29
Consolidated Credit wants consumers to spring forward into a new season of learning. The focus is on improving fiscal futures through education, saving strategies, and building stability.  ...

at 12:20
Coco Pool Corp. (CCPC.P: TSX-V) (the "Company"), a capital pool company, announces that, effective March 27, 2024, Mark S. Kowalski has resigned as CFO of the Company, and the Company has appointed Sebastien Charles, an existing director and...

at 12:15
Linc Housing announced that construction is underway on North Harbor...

at 12:05
T-Mobile US, Inc. looks forward to discussing first quarter 2024 financial and operational results on Thursday, April 25, 2024, at 4:30 p.m. Eastern Time (EDT). The call will be accessible via dial-in with pre-registration as well as a webcast link...

at 12:05
Float, the marketplace moving all the care that doesn't need a hospital to the home, today announced $10 million in Series A funding led by Canvas Ventures, whose General Partner Mike Ghaffary has joined Float's board, with participation from Wave...



News published on and distributed by: