OTTAWA, Oct 19 - Canada needs to promote greater competition among businesses by modernizing its laws, the country's antitrust regulator said on Thursday, citing a study of data from 2000 to 2020.
"The result of this decline in competitive intensity is that both consumers and businesses have seen fewer of the benefits that a more competitive economy has to offer, such as lower prices, greater choice and more innovation," Competition Bureau Canada said in a statement. The Competition Bureau said its study found that profits and price mark-ups both rose during the 20-year period, and the increases were generally greater for firms already earning high profits and mark-ups.
The largest firms in industries are being less challenged by their smaller competitors over time and fewer firms have entered industries overall, the bureau said.