It's a long-standing problem we've had in this country: low capital investment. That's both in terms of machinery and equipment per worker, where we slide down relative to other countries, in particular, the United States, and in what you might call the R and D side or the innovation of different ways of doing things. On both of those measures, we have not done very well historically. Since about 2015, we have been doing quite badly, because we have lost the heavy investment in the oil and gas industry that we had for roughly the first 15 years of this century. In aggregate, we are doing very poorly.
In part, that's due to changing prices and changing structures of demand. Where we have done badly historically—and where we continue to do badly—is in investing in new IP and the most modern equipment in order to boost the productivity of our individual workers in both the goods and the service sectors of the economy.
When I talked about having to make investments in my opening remarks.... It's in those areas we need to focus in order to raise productivity in those sectors. In raising productivity, we then have the money and ability to adjust to these changes in the world, which are not helpful for Canada. The fragmentation of the global trading system is very unhelpful for us. We have to do extra, if you will, to make up for the fact that, as that system changes, we lose access to markets. In some cases, we will lose access to cheap imports as well.