Explore every episode of the podcast Canada's Economy, Explained

Defence is moving rapidly toward the centre of Canada's economic debate. Spending is rising. Procurement is accelerating. Arctic sovereignty has acquired new urgency. And defence policy is increasingly being asked to do much more than equip a military: build industry, generate innovation, strengthen supply chains and preserve Canada's ability to act in a more uncertain world. 

But what exactly are we buying when we spend on security? 

In this special two-part episode, host Marwa Abdou sits down with Philippe Lagassé and David Perry to examine the economics and institutions underneath Canada's defence build-up. With Lagassé, the conversation explores preparedness, sovereignty, alliances and the tension between moving faster and maintaining democratic accountability. With Perry, it follows the money into procurement, firms, workers, intellectual property, industrial capacity and the difficult translation of spending into usable military capability. 

Business Data Lab research helps ground the scale of the challenge. Canada's core defence industry comprises just 538 firms, with the largest 50 accounting for roughly 80% of industry sales. The opportunity created by sustained investment is significant. So are the constraints. 

Across both conversations, a deeper problem emerges. Spending is not capability. Domestic production is not necessarily domestic control. Interdependence is not necessarily vulnerability. Economic activity is not necessarily productivity. And strategic necessity does not make scarcity disappear. 

Because the harder question is not simply how much Canada should spend. It is what those resources are meant to produce, what Canada needs to retain for itself, and what happens when military capability, economic ambition and fiscal reality stop neatly aligning.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:
- Philippe Lagassé, Norman Paterson School of International Affairs
- David Perry, President Canadian Global Affairs Institute   
- Defence Deconstructed, Canadian Global Affairs Institute
- Philippe Lagassé, “Defence Policy and Procurement Costs: The Case for Pessimism Bias,” in Canadian Defence Policy in Theory and Practice, Volume 2 Springer Nature
- David Perry, “The Defence Budget,” in Canadian Defence Policy in Theory and Practice, Volume 2 Springer Nature
- BDL Report: Deepening Our Defence
- Government of Canada, Our North, Strong and Free
- Government of Canada, Defence Industrial Strategy
- NATO defence expenditure data

Defence is moving rapidly toward the centre of Canada's economic debate. Spending is rising. Procurement is accelerating. Arctic sovereignty has acquired new urgency. And defence policy is increasingly being asked to do much more than equip a military: build industry, generate innovation, strengthen supply chains and preserve Canada's ability to act in a more uncertain world. 

But what exactly are we buying when we spend on security? 

In this special two-part episode, host Marwa Abdou sits down with Philippe Lagassé and David Perry to examine the economics and institutions underneath Canada's defence build-up. With Lagassé, the conversation explores preparedness, sovereignty, alliances and the tension between moving faster and maintaining democratic accountability. With Perry, it follows the money into procurement, firms, workers, intellectual property, industrial capacity and the difficult translation of spending into usable military capability. 

Business Data Lab research helps ground the scale of the challenge. Canada's core defence industry comprises just 538 firms, with the largest 50 accounting for roughly 80% of industry sales. The opportunity created by sustained investment is significant. So are the constraints. 

Across both conversations, a deeper problem emerges. Spending is not capability. Domestic production is not necessarily domestic control. Interdependence is not necessarily vulnerability. Economic activity is not necessarily productivity. And strategic necessity does not make scarcity disappear. 

Because the harder question is not simply how much Canada should spend. It is what those resources are meant to produce, what Canada needs to retain for itself, and what happens when military capability, economic ambition and fiscal reality stop neatly aligning.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:
- Philippe Lagassé, Norman Paterson School of International Affairs
- David Perry, President Canadian Global Affairs Institute   
- Defence Deconstructed, Canadian Global Affairs Institute 
- Philippe Lagassé, “Defence Policy and Procurement Costs: The Case for Pessimism Bias,” in Canadian Defence Policy in Theory and Practice, Volume 2 Springer Nature 
- David Perry, “The Defence Budget,” in Canadian Defence Policy in Theory and Practice, Volume 2 Springer Nature 
- BDL Report: Deepening Our Defence
- Government of Canada, Our North, Strong and Free 
- Government of Canada, Defence Industrial Strategy 
- NATO defence expenditure data

Canada wants to diversify. But diversify what, exactly?

Exports? Customers? Suppliers? Technologies? Capital? Risk? And how would we know when we had actually done it?

In this extended first episode of Canada’s Economy, Explained after the summer break, host Marwa Abdou sits down with Simon J. Evenett, Professor of Geopolitics and Strategy at IMD and founder of Global Trade Alert, for a wide-ranging conversation about one of the most consequential questions facing Canada: how much economic choice can a deeply integrated middle power actually create for itself?

Evenett has spent much of his career studying the gap between how governments talk about international commerce and how trade, investment and business decisions actually work. Together, he and Abdou put some of today’s most comfortable policy words under pressure: openness, resilience, dependence, sovereignty and diversification.

What begins with the gravity model of trade quickly becomes something much larger. How much can Canada really diversify away from geography? When does interdependence create prosperity, and when does it create leverage? What are we willing to pay for greater resilience? Who bears the cost of adjustment when supply chains move? And what happens when one country’s attempt to create more economic choice changes the incentives of the partner it is trying to become less dependent upon?

Along the way, the conversation moves through outside options, supply-chain risk, portfolio theory, adjustment costs, repeated games, weaponized interdependence and the increasingly blurred boundary between trade policy and economic security. 

And the stakes are no longer hypothetical. In the days after this interview was recorded, the Canada-U.S. confrontation escalated, making many of the questions in this conversation considerably less theoretical.

Diversification may be easy to draw on a map. Building real economic freedom in an interdependent world is much harder.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.
 
Links:
- Simon J. Evenett, Professor of Geopolitics and Strategy, IMD
- Global Trade Alert
- Simon J. Evenett, Centre for International Governance Innovation (CIGI)
- Down and Almost Out: A Time for Reflection on the Future of the Multilateral Trading System with Dan Ciuriak
John M. Curtis, Henry Lotin

- Trade Redirection of Chinese Exports During 2025: Evidence from Full-Year Data
- China's Exports in 2025: Bilateral Tariff Hit, Limited Global Diffusion
- Redirecting Chinese Exports from the USA: Evidence on Trade Deflection from the First U.S.-China Trade War

Additional Resources:
- Richard Baldwin et. al., “Global Supply Chain Risk and Resilience”
- Kari Heerman and David Wessel, “Export Restrictions Don’t Solve Scarcity; They Redistribute It”
- Daniel Trefler, “The Long and Short of the Canada-U.S. Free Trade Agreement,” American Economic Review
- David H. Autor, David Dorn and Gordon H. Hanson, “The China Syndrome: Local Labor Market Effects of Import Competition in the United States,” American Economic Review
- Robert Axelrod, The Evolution of Cooperation
- Pedro Dal Bó, “Cooperation under the Shadow of the Future: Experimental Evidence from Infinitely Repeated Games,” American Economic Review
- Henry Farrell and Abraham L. Newman, “Weaponized Interdependence: How Global Economic Networks Shape State Coercion,” International Security
- Chad P. Bown, “The Real Risk of a Trade War With Canada: America Needs Its Neighbors to Counter China,” Foreign Affairs
- Chad P. Bown, “Negotiating a Win-Win End to the Lose-Lose U.S.-China Trade War Over Technology and Critical Minerals”

Trade used to be about efficiency. Now it’s increasingly about resilience, leverage and security. 

In the mid-season finale, host Marwa Abdou sits down with two of the world’s leading trade policy voices: Wendy Cutler, Vice President at the Asia Society Policy Institute, and former Acting Deputy U.S. Trade Representative following nearly three decades at USTR, and Deborah Elms, Head of Trade Policy at the Hinrich Foundation, and Founder of the Asian Trade Centre in Singapore. Together, they unpack how the global trading system is being rewritten in real-time as countries increasingly reorganize trade around resilience, strategic alignment and economic security. 

From China’s WTO accession to CUSMA, CPTPP, semiconductor chokepoints, industrial policy, friend-shoring and the rise of “mini trade deals,” this episode explores how trade became one of the defining geopolitical and economic stories of our time. Along the way, the conversation centres on a deeper question: If globalization was designed to reduce friction, what happens when the world starts optimizing for strategic insulation instead? 

Because trade is increasingly no longer just about what crosses borders; it’s about who countries believe they can depend on when pressure arrives.
 
This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:
- Wendy Cutler, Senior Vice President, Asia Society Policy Institute
- Dr. Deborah Elms, Head of Trade Policy, Hinrich Foundation
- Dr. Deborah Elms, Founder and Executive Director, Asian Trade Centre
- Refreshing the CPTPP  by Deborah Elms
- Four known unknowns for US trade policy by Deborah Elms 

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Additional Resources:
- World Trade Organization Global Trade Outlook and Statistics
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
- Regional Comprehensive Economic Partnership (RCEP) 

For years, Canada has been described as a stable economy. Strong banks. Disciplined policy. Rising household wealth. But underneath that stability, something else has been doing much of the heavy lifting — households. 

Canadian households now carry some of the highest debt burdens in the advanced world, with mortgage debt and housing wealth increasingly shaping not just personal finances, but the broader trajectory of the economy itself. What happens when growth becomes deeply tied to household balance sheets? And what does that mean for productivity, business investment, inequality, and long-term economic resilience? 

In this episode, Marwa Abdou sits down with Stephen Poloz, Special Advisor at Osler, Hoskin & Harcourt LLP, 9th Governor of the Bank of Canada, and author of The Next Age of Uncertainty (2022). Together, they unpack the deeper structural forces behind Canada’s household debt story, from post-financial crisis monetary policy and housing markets to productivity stagnation and the changing nature of financial stability itself. 

This episode also explores why household debt is no longer just a question of financial risk but is increasingly a question about growth itself. Because when economies rely heavily on household leverage to sustain momentum, stability can begin to depend on households continually absorbing more pressure. And eventually, the question is not just whether the system can withstand shocks… but what the system stops being able to build.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing. 

Links:
- Stephen Poloz, Special Osler, Hoskin & Harcourt LLP
- The Next Age of Uncertainty: How the World Can Adapt to a Riskier Future by Stephen Poloz
- Stephen S. Poloz, Bank of Canada
- -Stephen S Poloz BoC Speech 2018: Canada's economy and household debt - how big is the problem?

Additional Resources:

- The Hub: “At 103% of GDP, Canadian households have the most debt in the G7”
- OECD Housing Policy Toolkit
- Canadian Bankers Association: Household Borrowing in Canada
- Statistics Canada National Balance Sheet Accounts
- OECD Household Debt
- IMF Canada Financial Sector Assessment Program (FSAP)
- House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again by Atif Mian & Amir Sufi 

You earn it in one currency. You spend it in one place. It feels local. Personal. Contained. 

But the system that determines how money actually behaves operates at a different level entirely. 

In this episode, host Marwa Abdou sits down with Kenneth Rogoff, Maurits C. Boas Professor of Economics at Harvard University and author of Our Dollar, Your Problem, to unpack the architecture of U.S. dollar dominance and what it means for the global economy. 

For decades, the U.S. dollar has functioned as the backbone of global finance. It anchors trade, shapes capital flows and influences borrowing costs far beyond U.S. borders. But that dominance is not static. 

Drawing on decades of research, Rogoff explains why the dollar’s influence persists, how it is evolving and where underlying vulnerabilities are beginning to surface. From rising U.S. debt and shifting interest rate dynamics to the growing use of financial sanctions and the emergence of competing systems, this conversation explores the forces quietly reshaping the global monetary order. 

This is not a story about the dollar disappearing. It’s a story about what happens when the system built around it begins to shift.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing. 

Links:
- Kenneth Rogoff, Harvard University
- “Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead” - Yale University Press
- “The Curse of Cash” - Princeton University Press
- This Time Is Different: Eight Centuries of Financial Folly by Carmen Reinhart and Kenneth Rogoff
- "Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?" by Ethan Ilzetzki, Carmen M. Reinhart, and Kenneth S. Rogoff
- "Was It Real? The Exchange Rate-Interest Differential Relation over the Modern Floating-Rate Period" by Richard Meese and Kenneth Rogoff

Inflation is cooling. The data says the worst is behind us. So why does everything still feel so expensive? 

In this episode, we unpack one of the defining economic puzzles facing advanced economies today: The gap between what the numbers say and what people actually feel. Because inflation isn’t just about how fast prices are rising, it’s about where they land, and what it takes to live with that shift. 

Featuring insights from Chief Economist Claudia Sahm and BMO Chief Economist Doug Porter, this episode explores how pandemic-era inflation reset the price level, why higher interest rates are still working their way through the system, and how housing, debt and timing are shaping the Canadian experience. Along the way, we dig into the difference between supply- and demand-driven inflation, the limits of monetary policy, and why the “way down” can feel just as difficult as the way up.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:
- Claudia Sahm - Website
- Claudia Sahm - Bloomberg
- Claudia Sahm – Substack “Stay-At-Home-Macro"
- Douglas Porter – BMO Economics
- Doug Porter Talking Points - “It Ain’t Over ’til It’s Over”
- Doug Porter Talking Points - “Whole Lotta Hold” 

Canada has built one of the most ambitious immigration systems in the world. For decades, our system has selected newcomers based on education, language ability and professional experience, with the expectation that those skills will translate into economic opportunity. 

But that translation is not automatic. 

In this episode, host Marwa Abdou, migration scholar Dr. Anna Triandafyllidou and labour economist Dr. Christopher Worswick examine a central tension at the heart of Canada’s immigration model: The gap between how systems measure talent before arrival and how labour markets translate talent after arrival.  

Drawing on research from Statistics Canada, the OECD and leading Canadian economists, we explore how credentials are evaluated, how employers interpret unfamiliar experience, and how institutions such as licensing bodies, hiring practices and social networks shape who gets access to opportunity. 

This episode connects system design to labour market outcomes. From the role of signals and recognition to the long-term evolution of immigrant earnings, it considers how early job matches, selection policies and economic conditions interact over time. 

As Canada continues to rely on immigration for labour force growth, the question is no longer simply who gets in but whether the economy can convert potential into productivity.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:

- Anna Triandafyllidou, TMU 

- Migrant Integration in the Mid-21st Century: Bridging Divides 

- Christopher Worswick, Carleton University 

- Christopher Worswick, C.D. Howe Institute 

- How We Subverted our Skills Based Immigration System – Green, Worswick et al. 

- Immigrant Earnings Profiles in the Presence of Human Capital Investment: Measuring Cohort and Macro Effects – Green, Worswick et al. 

- Entry Earnings of Immigrant Men in Canada: The Roles of Labour Market Entry Effects and Returns to Foreign Experience – Green, Worswick et al. 

What if economic growth is real but only in certain places? 

In this special two-part episode, we move beyond headline GDP to examine the territorial foundations of economic development. Guest Dr. Andrés Rodríguez-Pose, Princesa de Asturias Chair in Economic Geography at the London School of Economics, and Director of the Cañada Blanch Centre, draws on decades of research to explain how regions fall into what he calls a development trap. These are not necessarily the poorest places. They are often middle-income regions that once thrived and are now quietly falling behind. Policy concentrates investment in major hubs and assumes spillovers will follow — the evidence suggests otherwise.  

In part one, host Marwa Abdou and Dr. Rodríguez-Pose explore the limits of place-neutral policy, the risks of betting national growth on a handful of metropolitan centers, and why institutions, not just markets, determine long-run prosperity.  

In part two, Dr. Ken Coates, Distinguished Fellow at the Macdonald-Laurier Institute and Professor of Indigenous Governance at Yukon University, brings the Canadian terrain into focus. From resource regions to Indigenous governance and northern economies, we examine how institutional capacity, local ownership and mobilizing latent potential shape opportunity across a vast federation. 

Because when capability clusters by postal code, growth stops being a national statistic and becomes a question of power.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:
- Ken Coates - Distinguished Fellow in Aboriginal and Northern Canadian Issues, Macdonald-Laurier Institute
- “The Provincial North is the Centrepiece of Canadian Nation-Building" by Ken Coates for the Globe & Mail
- #IdleNoMore And the Remaking of Canada by Ken Coates
- Google Scholar - Ken S. Coates

What if economic growth is real but only in certain places? 

In this special two-part episode, we move beyond headline GDP to examine the territorial foundations of economic development. Guest Dr. Andrés Rodríguez-Pose, Princesa de Asturias Chair in Economic Geography at the London School of Economics, and Director of the Cañada Blanch Centre, draws on decades of research to explain how regions fall into what he calls a development trap. These are not necessarily the poorest places. They are often middle-income regions that once thrived and are now quietly falling behind. Policy concentrates investment in major hubs and assumes spillovers will follow — the evidence suggests otherwise.  

In part one, host Marwa Abdou and Dr. Rodríguez-Pose explore the limits of place-neutral policy, the risks of betting national growth on a handful of metropolitan centers, and why institutions, not just markets, determine long-run prosperity.  

In part two, Dr. Ken Coates, Distinguished Fellow at the Macdonald-Laurier Institute and Professor of Indigenous Governance at Yukon University, brings the Canadian terrain into focus. From resource regions to Indigenous governance and northern economies, we examine how institutional capacity, local ownership and mobilizing latent potential shape opportunity across a vast federation. 

Because when capability clusters by postal code, growth stops being a national statistic and becomes a question of power.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing. 

Links:
- Andrés Rodríguez-Pose – London School of Economics 
- Cañada-Blanch Centre at LSE 
- The Revenge of the Places that Don’t Matter by Andrés Rodríguez-Pose   
- The Case for Regional Development Intervention: Place-Based vs Place-Neutral Approaches by Fabrizio Barca, Philip McCann, and Andrés Rodríguez-Pose
- Do Institutions Matter for Regional Development? by Andrés Rodríguez-Pose
- What Kind of Local and Regional Development and for Whom? By Andy Pike, Andrés Rodríguez-Pose, & John Tomaney 

Canada isn’t short on talent, research or ideas. Yet living standards are under pressure, and productivity growth has slowed. What is really holding the economy back?
 
In this extended episode, host Marwa Abdou brings together two leading economists for a rare back-to-back look at the productivity puzzle from both a macroeconomic and innovation perspective.
 
Paul Beaudry, Professor at the Vancouver School of Economics and former Bank of Canada Deputy Governor, reframes productivity as a measure of value, not effort, and challenges the assumption that more education and labour force growth automatically translate into stronger outcomes. Dan Breznitz, Co-Director of the University of Toronto’s Innovation Policy Lab, pushes the conversation further, arguing that invention alone does not create prosperity. What matters is whether economies build the capacity to scale ideas, diffuse technology and embed innovation inside real firms.
 
Their insights point to a deeper tension: Canada’s challenge may not be a lack of ambition but a gap between what the country knows how to produce and what it is structured to use. It’s a timely conversation about economic design, competitiveness and the choices that could determine whether Canada pulls ahead or stands still.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing. 

Links:
- Paul Beaudry – Vancouver School of Economics, University of British Columbia
- Dan Breznitz - Munk School of Global Affairs & Public Policy, University of Toronto
- Demographics and recent productivity performance: insights from cross-country comparisons by Paul Beaudry, David A. Green, Fabrice Collard
- The Great Reversal in the Demand for Skill and Cognitive Tasks by Paul Beaudry, David A. Green, Benjamin M. Sand
- Innovation in Real Places: Strategies for Prosperity in an Unforgiving World by Dan Breznitz
- Canada’s Productivity Gap Is a Vulnerability We Must Fix - Business Data Lab 

Other Resources:
- Canada 2025 Article IV Consultation Staff Report
- Productivity Growth in Canada: What is Going On? - Tim Sargent, School of Public Policy
- Canada’s Productivity Challenge: The Hidden Costs of Resource Abundance and U.S. Dependence - Julien Martin, School of Public Policy
- We Need to Get Going on Canada’s Four-Alarm Productivity Emergency – CD Howe Institute
- Canada’s Investment Crisis: Shrinking Capital Undermines Competitiveness and Wages – CD Howe Institute
- The Role of Firm Size in the Canada–U.S. Labour Productivity Gap Since 2000 - Statistics Canada 

Welcome to Season 2 of Canada’s Economy, Explained!

Host Marwa Abdou opens the season by stepping back from the usual ritual of economic forecasting to ask a more fundamental question: What happens when the systems shaping our economy are tested in real time?

Before looking ahead to 2026, this episode examines what the past year revealed about the limits of prediction, the persistence of economic constraints, and the growing gap between intention and institutional capacity. Because economies do not run on data alone. They run on decisions. And those decisions ultimately shape trust.

Marwa is joined by returning guest Andrew DiCapua, Principal Economist at the Canadian Chamber of Commerce, who shares his six economic predictions for the year ahead, from interest rates and trade to business investment, consumption and consumer sentiment. Together, they explore why the outlook may be more conditional than certain, and why stability on paper does not always translate into confidence on the ground. But this conversation goes beyond forecasts. It introduces the central lens for the season: How power operates within the economy, who sets the rules and whether Canada’s systems are prepared to deliver on the ambitions they signal. If last season focused on the importance of trust, this season asks what makes trust possible. Because in a world of finite resources, the future is not simply predicted. It is chosen.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing. 

Links:
- 8 Predictions for Canada’s Economy in 2025
- BDLNow – Data Driven Prediction of the Canada’s Economy
- 6 Predictions for Canada's Economy in 2026 

In this special episode, recorded live at the Canadian Chamber of Commerce’s AGM and Convention, host Marwa Abdou speaks with Minh Tri Dang, Senior Vice President of Strategy and Finance at Wilson, and Karla Congson, CEO and Founder of Agentiiv, about the intersection of work, leadership, and innovation at a critical moment for Canada’s economy.

Technology is advancing faster than our ability to build the skills and leadership models needed to use it well. Nowhere is this more evident than in the rise of AI. Organizations that treat AI as a simple technological upgrade, rather than a shift in culture and capability, will struggle to remain competitive in a market that rewards adaptability, not just adoption.

Marwa, Minh, and Karla examine what this means on the ground. They explore how the labour market is already being reshaped, and why the decline in entry-level roles is creating broken rungs in the career ladder. The traditional pathways that once helped young workers gain experience are narrowing, and the implications for opportunity and mobility are significant.

All three agree on one thing: Canada needs a coordinated national workforce strategy that connects skills, innovation, and inclusion. Without it, the country risks falling behind at a time when the pace of change is accelerating.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing. 

Links:
- Canadian Labour & Staffing Journal
- Agentiiv  

Taxes shape more than government revenue. They shape trust. In this episode, host Marwa Abdou sits down with Heather Scoffield, founding CEO of the Canadian Tax Observatory, to explore how Canada’s tax and fiscal systems influence the country’s ability to build, grow and compete.

Together, they unpack the tensions inside the 2025 Federal Budget, from the renewed focus on large-scale capital projects to the difficult choices around fiscal discipline, human capital, and long-term productivity. Heather explains why a modern industrial strategy must include people as much as physical infrastructure, and why simplifying parts of Canada’s tax system could strengthen the relationship between taxpayers and government.

This conversation goes beyond line items and budget tables. It is a look at how Canada funds its ambitions, how those decisions affect households and businesses, and what a credible, sustainable path to shared prosperity might require.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing. 

Links:
- Heather Scoffield
- Bricks and mortar build out the federal balance sheet
- Canadian Tax Observatory  

Canada’s immigration system isn’t one program; it’s an entire architecture. A maze of pathways, permits, and policies that shape who gets in, who gets to work, and who gets to stay.

In this episode, host Marwa Abdou sits down with Dr. Mikal Skuterud, Professor of Economics at the University of Waterloo, and one of Canada’s leading labour economists, to unpack what he calls the country’s two-step system, where people arrive on temporary status before transitioning, often uncertainly, to permanent residency. Together, they explore the unintended consequences of a capless temporary system that neither fulfills the promise of permanence made to immigrants nor strategically addresses Canada’s deeper economic gaps.

Their conversation challenges a familiar narrative: That immigration success can be measured by sheer numbers or GDP growth alone. Instead, they argue that immigration policy should be guided by a different goal — higher living standards for everyone. That means aligning inflows with investment in housing, healthcare and productivity, and ensuring immigration fuels tomorrow’s innovation rather than simply today’s labour shortages.

This is an episode about recalibrating ambition and rethinking how Canada’s immigration system can match the scale of its promise.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:
- Mikal Skuterud, University of Waterloo
- Mikal Skuterud, C.D. Howe Institute
- A Realistic Strategy to Wean Canadian Businesses Off Low-Skill Foreign Labour
- The Growing Data Gap on Canada’s Temporary Resident Workforce
- Optimizing Immigration for Economic Growth by Matthew Doyle, Mikal Skuterud, and Christopher Worswick
- The economic case against low-wage temporary foreign workers by Fabian Lange, Mkal Skutrud & Christopher Worswick, IRPP

Other Resources:
- Are Immigrants Particularly Entrepreneurial? Policy Lessons from a Selective Immigration System by David Green
- How does increasing immigration affect the economy?
- From Roots to Routes: Immigrant Entrepreneurs and How they are Shaping Canada’s Trade Future
- Trends in education–occupation mismatch among recent immigrants with a bachelor’s degree or higher, 2001 to 2021
- Canada is Wasting the Talents of its Skilled Immigrants 

What’s the greatest comeback Canada has never seen?  

According to special guest Carol Ann Hilton, Founder and CEO of the Indigenomics Institute, it’s re-centering Indigenous economic power and Indigenous participation. But part of that re-centering requires acknowledging that Canada was formed through Indigenous economic and cultural exclusion and that this exclusion has an impacted all Canadians, even generations far removed from the Indian Act. 

In this episode, host Marwa Abdou and Carol Anne Hilton unpack Indigenomics: a framework for redesigning economic systems around reciprocity, responsibility, and relationship to land. Together they explore how 150 years of exclusion produced today’s inequalities, why corporate Canada has a duty under Truth and Reconciliation Call to Action 92, and what it means to build economies where land is law, stewardship is strategy, and growth is measured through shared prosperity. 

Their conversation flows from examples of how Indigenous businesses operate from fundamentally different values, prioritizing community, future generations, and responsibility, all the way to the radical concept of "land as law" — starting with responsibility rather than impact assessment — and its role in reshaping infrastructure development. From clean energy and procurement reform to “land as governance,” this episode challenges listeners to rethink what reconciliation looks like — not as ceremony, but as economic design.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.
 
Links:
- Carol Anne Hilton, Indigenomics Institute 
- Indigenomics: Taking a Seat at the Economic Table (2021) 
- The Rise of Indigenous Economic Power (2025)

Other Resources:
- Sharing the Wealth: How Resource Revenue Agreements Can Rebalance Canada’s Economy by Ken Coates
- Living Rhythms: Lessons in Aboriginal Economic Resilience and Vision by Wanda Wuttunee
- Upholding Indigenous Economic Relationships: nehiyawak narratives by Shalene Jobin
- Resilience, Reciprocity and Ecological Economics Northwest Coast Sustainability by Ronald Trosper
- What Can Tribes Do? Strategies and Institutions in American Indian Economic Development by Stephen Cornell and Joseph P. Kalt 
- Economic Aspects of the Indigenous Experience in Canada by Anya Hageman and Pauline Galoustian

Does your favourite social media app or e-commerce site’s algorithm hold more power than your country’s elected government? Do regulators really have to choose between innovation and security? Can algorithms be neutral? 

Listen as host Marwa Abdou and guests Vass Bednar (Executive Director, Canadian Shield Institute) and Kaylie Tiessen (Chief Economist, Canadian Shield Institute) discuss the profound and often invisible influence digital platforms and algorithms have on our society and economy. 

In this extended episode, explore how a handful of digital platforms act as “shadow regulators” — setting the rules of the game through opaque code and recommendation systems that shape markets, work, and opportunity far from democratic oversight. From gig work to competition law, the conversation reveals how Canada’s regulatory frameworks are racing to keep up. 

But it doesn’t stop at diagnosis. Together, Marwa, Vass, and Kaylie discuss what it would take to fill Canada’s “regulatory vacuum” — smart, adaptive rules that serve the public good while supporting innovation, trust, and competitiveness in the digital age.

Links:
- Canadian Shield Institute
- Vass Bednar - Regs to Riches Newsletter
- Vass Bednar – Center for International Governance Innovation
- Kaylie Tiessen 
- Kaylie Tiessen – Social Capital Partners
- OECD Digital Economy Outlook (2024)
- World Bank – World Development Report 2021: Data for Better Lives 

Did you know that nearly half of the world’s trade moves through the Asia-Pacific? That your blueberries in January, the anime you stream, and your kid’s hockey gear are all part of a system quietly shaped by economies as varied as Chile, Japan, Mexico, Korea and Vietnam? 

Listen as host Marwa Abdou peels back the layers on the forum that keeps much of that world running smoothly: APEC (Asia-Pacific Economic Cooperation). It isn’t a trade deal or a bloc — it’s a voluntary sandbox where 21 economies test ideas, build trust and scale what works. 

In this extended episode, Marwa is joined by Eduardo Pedrosa, Executive Director of the APEC Secretariat, and Carlos Kuriyama, Director of APEC’s Policy Support Unit. Together, they explain how non-binding cooperation can deliver real outcomes — from single-window customs and cross-border privacy rules to AI guardrails to greener supply chains to pathways that help informal and micro firms step into the formal economy. They also dive into APEC’s new focus on the creative economy, and why digital trust is now part of trade infrastructure. 

For a trade-heavy country like Canada, this is more than theory — it’s jobs, competitiveness and inclusive growth. The question isn’t whether rules will be written, it’s whether we’ll help write them.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links
- Asia Pacific Economic Cooperation
- APEC publications & policy briefs
- APEC Internet & Digital Economy Roadmap (AIDER)
- Global Cross-Border Privacy Rules (CBPR) Forum
- Lima Roadmap to Promote the Transition to the Formal and Global Economies (2025-2040)
- APEC Putrajaya Vision 2040
- APEC Environmental Goods List (54 items)

In this special back-to-basics episode of Canada’s Economy, Explained, host Marwa Abdou cuts through the alphabet soup of GDPs, CPIs, and BoC rate cuts to tackle the real questions Canadians keep asking.

• Why is it easier to trade with the U.S. than across provinces?
• Why is climate policy so expensive?
• Why are interest rates cooling inflation but putting the freeze on housing?
• Why is youth unemployment so high?
• And what’s really at stake in Mark Carney’s first federal budget?

As James Carville once quipped on the campaign trail, “It’s the economy, stupid” — and more than three decades later, the line still rings true (especially north of the border). Packed with sharp insights and plain-language explanations, this episode unpacks the economic forces shaping our paycheques, prices, and future prosperity — and why, in 2025, it’s still the economy.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Once a pillar of middle-class security, affordable homeownership has slipped out of reach for millions of Canadians. But economist Mike Moffatt (Missing Middle Initiative, Smart Prosperity Institute, Ivey Business School at Western University) argues the housing crisis isn’t just about sky-high prices; it’s the result of a system-wide failure.

In this episode, Moffatt joins host Marwa Abdou to trace how that failure emerged from the collision of well-meaning but clashing policies: greenbelts that preserve farmland while choking supply, immigration targets that fuel growth but strain capacity, and zoning laws that shut out the “missing middle” homes families desperately need.

The conversation goes beyond affordability, exploring the so-called “housing theory of everything” — how the effects of broken housing markets ripple through entrepreneurship, fertility rates, and even political stability. From building codes to taxation, Moffatt and Abdou unpack the tough trade-offs ahead and ask: Can Canada fix housing before it undermines our economic future?

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:

-  Mike Moffatt, Smart Prosperity Institute

-  Mike Moffatt, Medium  

-  Mike Moffatt, the Hub.ca

-  Mike Moffatt, the Globe and Mail

Canada’s population is retiring earlier and living longer. Even so, the age 65 retirement threshold, inherited from 19th-century Prussia, continues to anchor public policy and social expectations. In this episode, Professor Kevin Milligan (Professor of Economics, University of British Columbia) joins host Marwa Abdou to breakdown how this outdated convention often fails to account for disparities in health and life expectancy across income levels and regions, and how it can unintentionally push the most vulnerable seniors into poverty. In addition, the conversation explores the demographic changes that are at odds with the short-term focus of political planning cycles (which rarely extend beyond five years), and how policies need reform so that Canadians can not only survive in retirement but truly thrive. 

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:  

- Kevin Milligan, University of British Columbia, Vancouver School of Economics 

- Kevin Milligan, C.D. Howe Institute 

- Kevin Milligan, Globe and Mail 

- The time of your life: The mortality and longevity of Canadians 

- Retirement incentives and decisions across the income distribution: Evidence in Canada 

- Health and Capacity to Work of Older Canadians: Gender and Regional Dimensions with Tammy Schirle 

- The Evolution of Longevity: Evidence from Canada,” with Tammy Schirle 

Do Canada’s public policies reflect the reality of today’s workers?

Many of the social programs Canadians rely on for economic security were designed in and for a very different era. Built around a mid-20th-century vision of work and family life, programs like Employment Insurance, the Canada Pension Plan, and key parts of our tax system still assume a post-war era worker that is full-time, uninterrupted and unburdened by caregiving.

In this extended episode, Professors Tammy Schirle (Wilfrid Laurier University) and Jennifer Robson (Carleton University) join host Marwa Abdou to unpack how caregiving responsibilities, gender inequities and access barriers collide with outdated policy assumptions. From motherhood penalties to administrative red tape, this conversation examines the hidden gaps shaping Canadians’ financial stability — and what it will take to build a system that works for today’s workforce.

This episode was researched and editorially directed by host and executive producer Marwa Abdou, and brought to life in close collaboration with producer Nick Nikitaras, who led its creative direction and editing.

Links:

- Tammy Schirle, Wilfrid Laurier University
- Jennifer Robson, Carleton University

- Tammy Schirle, C.D. Howe

- Jennifer Robson, Policy Options, IRPP 

- Food insecurity among Canadian adults with disabilities is shockingly high. Here’s what we could do about that.(Robson, 2024)

- State Capacity and Administrative Burdens on Citizens: Time for Export Controls and Transparency (Robson, 2024)

- Finances of the Nation: Federal and Provincial Income Support Programs for Seniors in Canada (Schirle, 2024)

- What Proportion of Tax Returns Could the Canada Revenue Agency Complete? (Genest-Grégoire, Robson et al., 2023)

In this episode of Canada’s Economy, Explained, host Marwa Abdou sits down with Avi Goldfarb—Rotman Chair in Artificial Intelligence and Healthcare at the University of Toronto, and co-author of Prediction Machines and Power and Prediction. 

Goldfarb is one of the world’s leading economists on the business implications of AI. Together, they examine why Canada, despite its early leadership in AI research, is lagging in adoption. Goldfarb explains that AI’s real power isn’t automation—it’s prediction. And while Canada has outstanding academic talent and AI research hubs, it hasn’t yet translated that strength into broad commercial or public-sector impact. “We’re still figuring out what the organization of the future looks like,” he says in the episode, while cautioning that hesitation gives global competitors time to scale. They explore the economic promise of AI in healthcare, education, and public services, as well as the risks of overregulation, particularly with laws like Bill C-27. Goldfarb offers a clear message: Canada must act now or risk falling behind.

Links:

- Avi Goldfarb's Website

- Creative Destruction Lab

- Prediction Machines: The Simple Economics of Artificial Intelligence (2018)

- Power and Prediction: The Disruptive Economics of Artificial Intelligence (2022)
- Machine Intelligence and Human Judgment (IMF - June 2025)

 Other Resources:

 -  Four Battlegrounds: Power in the Age of Artificial Intelligence by Paul Scharre

 -  The Work of the Future: Building Better Jobs in an Age of Intelligent Machines by David Autor, David A. Mindell and Elisabeth B. Reynolds

In this episode of Canada’s Economy, Explained, host Marwa Abdou explores Canada’s pivotal role as G7 and B7 president in 2025 and the country’s opportunity to lead on AI adoption and sustainability. Joining her are Tom Mosseau and Franco Amalfi from Capgemini Canada—a global consulting and technology firm—who break down the challenges and possibilities facing Canadian businesses.

Tom Mosseau points out that “legacy infrastructure, skills shortages, and investment hesitancy” continue to slow down digital transformation, especially for small and medium-sized businesses. While 61% of Canadian firms believe generative AI could reshape their business strategy, only 28% are actively integrating it into operations. Franco Amalfi raises a red flag: AI’s environmental impact is significant, with “high energy consumption, increased e-waste and water use,” yet only 12% of companies are tracking it.

Capgemini calls for a “responsible by design” approach, emphasizing smaller AI models, renewable energy, and sustainable supply chains. The episode closes by highlighting how coordinated public-private collaboration and long-term digital investment can help Canada build a competitive, ethical, and environmentally responsible economy.

Links:
- 2025 B7 Communique
- Key Takeaways from the B7 Summit
- Capgemini – Data & AI
- Capgemini – Developing sustainable Gen AI
- Prompting Productivity Report

In this episode of Canada’s Economy, Explained, host Marwa Abdou brings us insights from the inaugural Business Data Lab conference, The Case for Canada.

Trust—once the invisible foundation of commerce and governance—is now fractured, with only 62% of Canadians expressing moderate or high trust in institutions, according to Edelman’s Trust Barometer. Former Statistics Canada Chief Anil Arora opened with a strong statement: “Good data...is an investment in building trust.”

The episode features a range of voices from the conference: Economist Stephen Tapp unpacks how growing regulation has cut Canada’s GDP by nearly 2%, while Professor Meredith Lilly contrasts Canada’s emotionally charged trade strategy with Mexico’s pragmatic diplomacy. Dr. Chad Bown from the Peterson Institute (and former Chief Economist in the U.S. Department of State), explains the contradictions in U.S. tariff policy and its real implications for Canada.

Andrew DiCapua, Economist at the Chamber of Commerce, offers a sobering reminder that inflation’s lasting impact continues to erode public trust in central banks, calling for more clarity and transparency in policy decisions.

The thread tying it all together? Canada’s future prosperity hinges on restoring institutional trust—through better data, clear policy, and principled leadership.

Links:

- 2025 Edelman Trust Barometer 

- World Values Survey

- Regulatory Accumulation, Business Dynamism and Economic Growth in Canada

- The Future of North America’s Economic Relationship

- How Canada Won at Home While America Came First in NAFTA Renegotiations

In this episode of Canada’s Economy, Explained, host Marwa Abdou sits down with Dr. Trevor Tombe, Professor of Economics at the University of Calgary and Director at the School of Public Policy.

Tombe discusses the widening fiscal divide between Canada and the United States and what it means for Canada's economy, trade, and future stability. While Canada’s federal deficit stands at 1.6% of GDP, the U.S. deficit has ballooned to 6.2%, creating real risks for global markets.

Tombe explains that Canada’s debt-to-GDP ratio remains stable and manageable at 42%, compared to over 100% in the U.S. He warns that political dysfunction in Washington is raising borrowing costs which further strains U.S. finances. Meanwhile, Canada must remain vigilant, especially in addressing productivity declines and preparing for rising healthcare costs. Tombe notes, “If historical patterns had continued, Canada’s economy today would be 18% larger.” He also points to a 500% spike in Canadian business uncertainty due to pending U.S. trade decisions.

Enjoy this fascinating episode with insights from a leading Canadian Economist.

Links:

- Business Insights Quarterly Report (Q1 2025)

- Canada-US Trade Tracker Tool
- Trevor Tombe
- Trevor Tombe at TheHub.ca

In this episode, host Marwa Abdou speaks with Dawn Desjardins, Chief Economist at Deloitte Canada, about the country's fragile economic outlook for 2025. Desjardins shares insights from Deloitte’s Calm Before the Storm report, which highlights falling interest rates, stable inflation, and household savings as economic supports — while new U.S. tariffs and slowing immigration policies introduce serious risks.

Desjardins warns that a potential 25% U.S. tariff on Canadian exports could cost the average Canadian over $2,000 annually, while GDP could shrink by 0.8% if Canada retaliates. “Consumer confidence has come down significantly,” she says, adding that businesses are delaying investments due to uncertainty. Labour shortages may ease with reduced immigration, but that could also dampen long-term growth. She also points to productivity issues, housing shortages, and geopolitical uncertainty as compounding pressures.

Despite the turbulence, Desjardins remains cautiously optimistic: “We anticipate this to be a sharp impact on the economy, but a relatively short-lived one.”

Links:

- Deloitte Canada Report

- BDL Business Conditions Terminal

In this episode of Canada’s Economy, Explained, host Marwa Abdou sits down with Dr. Chad P. Bown, Reginald Jones Senior Fellow at the Peterson Institute for International Economics and former Chief Economist at the U.S. Department of State, to examine how new U.S. tariffs could impact Canada’s economy.

Bown explains how Canada’s deep ties to U.S. supply chains leave it exposed to major cost increases, warning that tariffs could “double or triple” production expenses and hit smaller suppliers hardest. He cautions against retaliation, reminding policymakers that “tariffs also cause self-harm.”

The conversation covers why automation limits the return of manufacturing jobs and why Canada’s efforts to diversify trade partners face steep challenges from geography and infrastructure barriers. Bown also shares cautious optimism. While Washington’s direction on trade is confusing even to insiders, he reassures Canadians that “you still have a lot of fans in Washington” and reminds listeners that democratic systems can correct poor policy over time.

Listen to the full conversation to understand why careful, long-term thinking is key to protecting Canada’s economy.

Links:
- Chad Bown 
- "Trade Talks" Podcast
- Canada-US Trade Tracker

This episode explores Canada’s gender gap in entrepreneurship with Isabelle Hudon, President and CEO of the Business Development Bank of Canada, and tackles the systemic barriers women face—especially in accessing capital. 

Drawing from BDL’s new report, Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity, the discussion reveals why women still own just 18% of Canadian businesses despite a $2 billion government push to double that by 2025. 

“Access to capital is probably one of the top three reasons why we don't see as many women picking entrepreneurship as a career versus men,” says Hudon in the episode. She goes on to share how initiatives like the BDC's $500 million Thrive Platform are driving change.

The discussion emphasizes the need for bold ambition, policy support, and societal change to foster inclusive entrepreneurship and economic growth. 

Key takeaways:

• Canada has 100,000 fewer entrepreneurs than it did 20 years ago, according to a BDC study.
• Women remain significantly underrepresented in entrepreneurship.
• Economic cost of gender disparity in entrepreneurship estimated at $180 billion.
• Access to capital is more difficult for women entrepreneurs.
• Women-owned businesses concentrated in limited sectors like healthcare and retail.
• Lack of women representation in investment decision-making processes.

Links:

- Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity

- Business Conditions Terminal for Women in Business

- How Do Women Impact the Canadian Economy - BDC 

- $500 Million Thrive Platform for Women - BDC 

- Women Entrepreneurs offering finance, advice & free resources 

U.S. tariffs threaten Canada’s economy and will put industries, jobs, and supply chains at risk. According to the Business Data Lab, $3.6 billion in goods and services cross the border daily as part of our $1.3 trillion trade relationship. Trump's 25% tariff on goods could shrink Canada’s GDP by a whopping 2.6%.

Mairead Lavery, former President and CEO of Export Development Canada (EDC), talks with host Marwa Abdou about the fallout and what businesses must do next. The first woman to lead EDC, she has decades of experience in finance, strategy, and trade. 

“A significant portion of our exports are for the benefit of U.S. inputs to their exports — we’re part of a supply chain. The end consumer may not actually be a U.S. consumer,” she says in the podcast, noting that tariffs will hit manufacturing, agriculture, and energy hardest. Companies, she says, must rethink their long-term strategies rather than rely on trade patterns that once felt secure.

Listen now to get the strategies you need to protect your business.

Links:

- Partners in Prosperity Report

- Canada-US Trade Tracker

- Export Development Canada

This episode of The Business Data Lab Podcast explores Canada’s “productivity emergency” and why the country ranks second-lowest in the G7 for labour productivity. Host Marwa Abdou, Senior Research Director, and Andrew DiCapua, Economist at the BDL, break down the challenges—from 11 consecutive quarters of negative productivity growth to underinvestment in technology and an overreliance on low-productivity sectors.

“Canada is leaving untapped potential on the table,” Marwa says in the episode. “Skilled immigrants, innovative industries, and tools like AI could transform our productivity story.” Andrew adds, “Productivity isn’t just about numbers. It’s about creating more value with the same resources, which drives higher wages and economic resilience.”

Despite the challenges, the episode offers hope by spotlighting Canada’s high-productivity industries—like natural resources and finance—and the transformative potential of generative AI. With 14% of businesses planning to adopt AI, Andrew urges leaders to embrace these tools to stay competitive.

Links:
- Prompting Productivity
- Business Insights Quarterly

In this episode of Canada’s Economy Explained: The Business Data Lab Podcast, host Marwa Abdou speaks with Stephen Tapp, Chief Economist, and Patrick Gill, Senior Director, about the key economic predictions shaping Canada in 2025. The conversation covers affordability pressures, labour disruptions, immigration slowdowns, and the potential impact of Trump’s tariffs.

Affordability remains a top concern, even as inflation stabilizes at 2 percent. “We’ve lived through a generational price increase,” says Stephen, noting that essentials like housing and groceries remain expensive. Labour disruptions continue to be a challenge after a record-breaking year for work stoppages. “A number of collective bargaining agreements are opening up at a time when inflationary pressures are still driving wage demands,” Patrick explains. 

Businesses are also facing risks from slowing immigration, declining interest rates, and shifting trade policies. The discussion explores what companies can do to prepare, including adopting AI, upskilling employees, and diversifying supply chains.

Links:
- Canada-US Trade Tracker
- Prompting Productivity Report

Welcome to The Business Data Lab Podcast: Canada's Economy, Explained. An initiative of the Canadian Chamber of Commerce.

Hosted by Senior Research Director Marwa Abdou, this podcast features insightful discussions with economists and business leaders.  Listen in for deep, expert analysis of Canada's top economic trends to help you make sense of the numbers.