This week – new CPI data, a BoC announcement, an upcoming contest and more!
Written By: Amit Shteyer & Peter Robertson
Canada’s Economy at a Glance
Below we compare historical advanced education unemployment rates for Canada and the EU . Hover over the graph for more specific numbers – it’s a widget!
Economics Society News, Events, and Articles
Electric Vehicles – The future? By Rohin Patel
Stay tuned for an upcoming stock contest that will start this Monday!
Sign up for our Bank of Canada speaker event to learn more about our central bank and opportunities for interns! Register here for June 28th, 2021 at 12PM EST.
News and Noteworthy
How the Canadian economy can continue to benefit from U.S. battle with China
The USA’s new Innovation and Competition Act, which could be passed in the coming weeks would have a significant impact on American allies. It will likely lead Canada to scale back use of Chinese technology and some economists suggest it could be a strong opportunity to develop new industrial policy. Read more.
Bank of Canada leaves key interest rate on hold at 0.25%
The Bank of Canada announced they would hold interest rates at the same level on June 8th. The key interest rate has been held at 0.25% since the start of the pandemic. The announcement points to an economic recovery during the second half of 2022. Read more.
Canadian business leaders demand plan to reopen borders, economy now
A comprehensive reopening plan for the economy and borders was among the asks of Canadian business leaders for Ottawa at a Monday press conference. Canada’s lack of a comprehensive reopening plan was called an outlier among the G7 countries by the chief executive of the Canadian Chamber of Commerce. Read more.
Indigenous participation in economy strengthens Canada’s social fabric: Sodexo survey
A recent survey has revealed that over 77% of Canadians believe that indigenous owned businesses should be included in the supplier network of corporations. It has been found that there is a strong belief that supporting indigenous businesses will help in Canada’s path towards reconciliation. Read more.
Varcoe: As oil hits $70, new forecast shows Alberta’s economy primed to lead Canada in growth in 2021 and 2022
Oil prices have suddenly returned to higher levels which has raised the expectations of a revival of the Canadian oil sector by 2022. A recent increase in energy prices will also help the recovery of Alberta’s economy. The Canadian sector seems to be making its way out of its long COVID-19 slump. Read more.
Report: The Impact of Uber in Canada
A new report was released outlining Uber’s effect and transformation of Canada’s on-demand economy. In 2020, Uber saved time for millions of Canadians, helped to keep local restaurants open with its delivery service, and created many flexible earning opportunities for its employees. Uber created opportunities through mobility in a time when most were not able to travel. Read the report here.
Cecilia Rouse, the chair of the White House Council of Economic Advisors, is as cold-blooded as any economist. But she admits that her profession would do well to focus on policy that actually helps people.