Canada must ‘lean into’ economic disruption, BoC’s Macklem urges
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Bank of Canada governor Tiff Macklem says businesses ought to “lean into” the forces disrupting the economy or risk failing to adapt.
Macklem gave a speech to the Empire Club of Canada in Toronto on Thursday where he told the business crowd how “structural changes” like U.S. tariffs, artificial intelligence and slowing population growth are affecting the economy.
He said in prepared remarks that while businesses are holding back investment and hiring plans in the face of U.S. protectionism, they’ve also been slow to adopt new AI technologies.
The Bank of Canada is forecasting weak growth in the economy over the next two years as businesses adjust to those disruptive forces. Macklem sought to rally the business crowd to embrace the changes already underway in the economy.
“We can be victims of U.S. tariffs and AI disruption, or we can lean into structural change, expand our internal market, diversify our trade, embrace new technology and raise our productivity,” he said.
Macklem also warned that slowing immigration and a declining fertility rate are putting Canada’s population on a slower growth track in the coming years.
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