Importance Of Adapting Standards Affecting Canada's Productivity

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Adapting standards affect Canada’s productivity and growth positively. These standards can boost an economy’s efficiency, labor productivity, improve capability and promotion of innovation. Standards play an important role is enhancing labor productivity and boosting Canada’s productive capacity. Studies showed that 10% increase in the stock of standards is associated with a 1.6% increase in labour productivity. Standards are known to be a very basic infrastructure of the 21st century knowledge economy. It basically covers a wide spectrum of documents, from definitions, classifications, manufacturing, techniques, processes and beyond. It is essentially sets our requirements, specifications, guidelines, or characteristics that can be consistently
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