BMO Equity Research IN Tune What’s Next for Canada? Policy, Economic and Energy Impacts of a New Government
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Jun 24, 2025 
Scott Bryson, Vice Chair of BMO Wealth Management, and Michael Gregory, Deputy Chief Economist at BMO Financial Group, dive into Canada’s political and economic shifts after Mark Carney’s election as Prime Minister. They discuss how global trade dynamics and tariffs have shaped Canadian voter sentiment. The duo highlights Carney's ambitious vision for economic growth and energy supremacy, emphasizing the importance of streamlined infrastructure projects. They also outline the potential impacts of new policies on GDP growth and the Canadian oil and gas sector, marking a path toward energy leadership.
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Carney's Vision for Canada
- Canadians elected Prime Minister Mark Carney seeking resilience against U.S. tariff threats and economic growth.
- Carney promotes diversified trade, fiscal balance, streamlined major projects, and Canada as an energy superpower.
Economic Outlook Brightens
- Canadian economic growth forecasts improved from 0.5% to 1.3% due to lighter tariff impacts and pro-growth policies.
- Expedited spending on infrastructure, tax cuts, and defense support growth but uncertainty on trade policy still weighs on confidence.
Energy Sector's Investment Potential
- The oil and gas industry is cautiously optimistic about Carney's energy superpower plan, seeking regulatory clarity.
- Major investments up to $300 billion could come from pipelines, LNG, carbon capture, and oil sands expansion.