Standards are vital to safeguarding society’s health, well-being and prosperity. Past and present research have shown that standards, conformity assessment and accreditation have significant influences on national economies.
A new report by the Standards Council of Canada, Every Standard Counts – How Standardization Boosts the Canadian Economy, quantifies the benefits of the standardization system to organizations and Canada’s prosperity.
Key findings of the report include:
- In 2019 alone, growth in standardization contributed up to $5.86 billion out of a total $33.7 billion growth of Canada’s GDP.
- From 1981 to 2019, standardization is associated with 38.4% of the growth of labour productivity and 17.4% of the growth of GDP in Canada.
- It is estimated that real GDP growth by the end of 2019 could have been $293 billion lower had there been no growth of standards over the past 40 years.
The report is the third of its kind to illustrate the value of standardization in Canada. The development and application of standards are critical to driving innovation and finding sustainable solutions for the future.