Bloor Street Capital | Jimmy Connor Growing and Protecting My Wealth
Trudeau's Canada Slumping into Recession and Canadian Dollar Keeps Falling
Dec 15, 2024
The podcast dives into Canada's struggling economy, highlighting the declining GDP per capita and its implications. With over a million mortgages up for renewal, many could face higher payments they can’t afford. There's a critique of Trudeau's government and the ineffective housing policies amid rising unaffordability. The discussion also touches on the impacts of immigration on infrastructure and long-term productivity growth, as well as the crucial trade ties between Canada and the U.S., especially in the face of potential economic downturns.
36:26
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Quick takeaways
- Canada's economy struggles with stagnant productivity and rising unemployment, particularly affected by a significant influx of new immigrants.
- The crucial trade relationship with the U.S. accounts for 20% of Canada's GDP and is at risk due to potential tariffs.
Deep dives
Current State of the Canadian Economy
The Canadian economy is facing significant challenges, particularly when evaluated on a per capita basis. Despite stable aggregate growth rates of 1% to 2%, GDP per capita is only $53,000, which falls substantially short of the U.S. figure of $81,000. This disparity is exacerbated by the declining income and expenditure per capita over the past four quarters, alongside stagnant productivity growth since 2015. Consequently, the economy exhibits signs of slack, as the private sector struggles to absorb a growing labor force amidst increasing immigration rates.
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