All Episodes

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. 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. 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. 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. 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. 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. 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.

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?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. 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.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 CommuniqueKey Takeaways from the B7 SummitCapgemini – Data & AICapgemini – Developing sustainable Gen AIPrompting 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.Resources:2025 Edelman Trust Barometer World Values SurveyRegulatory Accumulation, Business Dynamism and Economic Growth in CanadaThe Future of North America’s Economic RelationshipHow 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.Resources:Business Insights Quarterly Report (Q1 2025)Canada-US Trade Tracker ToolTrevorTombe.comTheHub.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.”Resources:Deloitte Canada ReportBDL 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. Chad Bown websiteTrade Talks PodcastCanada-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.Resources:BDL report Women Entrepreneurs: Canada’s Biggest Missed Business OpportunityBDL’s Business Conditions Terminal for Women in BusinessBDC article How Do Women Impact the Canadian Economy?BDC’s $500 Million Thrive Platform for WomenBDC’s hub for 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. Resources:Partners in Prosperity ReportCanada-US Trade TrackerEDC website

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.Resources:Reports and tools: businessdatalab.caKey reports: Prompting Productivity and Business Insights Quarterly