All Economy stories

Canada wants tech-savvy immigrants

Is your ‘type’ an accomplished tech professional with a six-figure salary? Then you might have to battle it out with Canada’s immigration office. 

What happened: Canada is moving away from its points-based system for immigrant selection to pursue people with work experience in the tech sector, per The Globe and Mail

Your pension fund’s next investment: Transit

A new train system launching today in Montreal is set to reshape how people get around the city—and could become a proof of concept for a new way of building infrastructure elsewhere in the country. 

Catch up: The first phase of the Réseau Express Métropolitain (REM) will whisk riders from the suburb of Brossard to Montreal’s central station—a trip that takes up to 40 minutes in rush hour traffic—in just 18 minutes. 

Is the West done raising rates?

Inflation is cooling across the Western world, but don’t grab your party hats just yet. 

Driving the news: Over the last month, the Bank of Canada, US Federal Reserve, and European Central Bank (ECB) each raised their respective key interest rates by 0.25 of a percentage point, bringing the cost of borrowing in Western markets to 22-year highs. 

The cost of the immigration boom

According to a new TD Economics report, Canada's historic population growth risks exacerbating the country’s biggest problem areas.

What happened: With Canada on track to welcome over one million permanent and temporary residents in 2023—between immigrants, students, temporary workers, and refugees—economists from a Big Five bank are urging the feds to pump the brakes.

El Niño could mean higher food prices

Get ready to cross some more squares off your extreme weather bingo card, because El Niño is here. 

Driving the news: El Niño—a weather phenomenon that shifts temperatures and intensifies climate conditions—is underway and likely to become unusually strong later in the year. 

How the Bank of Canada is thinking about interest rates now

Columbia Business School professor and economist Brett House joined us on Free Lunch this week to explain what was behind the Bank of Canada’s latest decision to raise interest rates, and how they’re thinking about the economic picture moving forward.

Inflation rate falls to 2.8%

Temperatures are still hot, but at least inflation is cooling. 

What happened: Canada's annual inflation rate dropped to a 27-month low of 2.8% in June, closing in on the Bank of Canada’s headline inflation target of 2%. The bank still expects that closing the gap could take another two years, or in other words, by mid-2025.  

Little relief for big global debt

If you ask US Treasury Secretary Janet Yellen, the debt problems facing low-income countries are a problem for the global economy. 

What happened: The world’s wealthiest countries are reportedly dragging their feet on restructuring the mounting debt load they’re owed by low-income countries, per Reuters.  

Canada and Australia are two peas in a pod

Don your Kangol hat, crack open a Foster’s, and prepare to say “g’day mate,” because Australian leaders are coming to Canada.

Driving the news: Political and business big shots from Down Under will be Up North on Monday to discuss ways to deepen ties with Canada and compare economic policy. It’s all part of the Australia-Canada Economic Leadership Forum happening in Toronto. 

BC ports are back in business

Another strike has come and gone in what’s becoming a #LabourActionSummer. 

What happened: The union representing BC port workers reached a tentative four-year deal with their employer to re-open Canada’s westernmost ports, ending a 13-day-long strike.