Fate of Canadian economy will depend on how we adapt to structural changes, Macklem says

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He urged businesses and policy makers to ramp up trade diversification and AI adoption to avoid an outcome where GDP growth does not recover, Canada becomes a less attractive place to invest and affordability worsens. “We can be victims of U.S. tariffs and AI disruption, or we can lean into structural change, expand our internal market, diversify our trade, embrace new technology and raise our productivity.”
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Macklem said Bank of Canada research and data show that while businesses have started to adjust to the new reality, trade diversification is just getting underway, while AI adoption in Canada has so far been slow. Complicating the picture in Canada is slowing population growth.
The small but growing share of exporters that have increased sales to markets outside the United States is largely limited to existing clients, Macklem noted.

“Businesses have not found many new clients just yet. And with so much of our exports going to the United States, the increase in other markets only provides a partial offset,” he said.

Meanwhile, AI adoption looks to be gaining traction, but it’s early days.
Macklem warned that if the Canadian economy fails to restructure, productivity and GDP growth will not recover and Canada will become a less attractive place to invest. In this dire scenario, he said businesses will become less competitive, job and wage growth will be weak, incomes won’t recover, and affordability will worsen.

“That’s what we really can’t afford,” he said. “That’s why we need to lean into this structural change.”

Macklem said the economic restructuring he envisions is going to take years and although it has been less than a year since the protectionist policies of the United States became clear through tariffs, businesses can’t afford to wait to respond.

“Our trade relationship with the United States is fundamentally fractured. Population growth is lower. AI is coming,” he said after his speech. “They’re not temporary, these changes. They’re not they’re not going to go away.

He added that Canadian companies have been slower to adopt AI than their U.S. counterparts, which have embraced the new technology without knowing how quickly it will transform our lives and economies.
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If adopting AI faster is the solution, we are in danger.
 
Upvote 12
We're in danger. The solution to fix the economy is simple.

  • End all non-White immigration
  • Tax all non-Whites at 20% more than Whites
  • Seize all Indigenous land as crown land then sell it to the market at market prices. Use funds to repay public debt
  • Cut taxes by 80%. Eliminate ALL taxes except a 20% GST that is raised at a Municipal level and split between Municipality it is raised in and Province it is raised in at 4% and 8%, respectfully with the remaining 8% going to the federal government. Include rents and interest as part of the GST. No exemptions (eliminate current food exemptions and all other exemptions).
  • Cut government spending by 80% by eliminating all social programs
  • Make any new issuance of debt to the public (government debt) illegal for all branches of government
  • Change the mandate of the Central Bank from what it is now to only focus on defending against foreign influence. Interest rates to be dictated by market supply/demand (as it would be without foreign influence)
  • Abolish all regulations with regard to reducing GHG Emissions. Make any law that is designed with reducing GHG Emissions as a primary motivation for the law illegal
  • Abolish about 80% of current regulations with regard to commerce and aim to eliminate government standards specific to industry (let businesses do what they want)
  • Make it a Constitutional Law that bailouts of businesses are illegal unless the destruction of a business was due to foreign actors and the bailout is in the interest of Canada (which needs to be proven)
  • Reassert the Federal Government's power such that any Major Project blocked by a province can be overturned if another province substantially benefits from the construction of said Major Project. LNG plants in BC to benefit Alberta for example.
  • Abolish the Charter of Rights and Freedoms. Reestablish rights for citizens with regard to government overreach in law but do not assert anything with regard to sex, race, or sexual orientation. Discrimination must be allowed and should be included as fundamental right.
  • Implement tariffs on all products/services with a new tariff department of government whose objective is to ensure all Canadian producers can compete at an equal playing field with all other governments. Abolish all free trade agreements.
  • Build up a secret nuclear weapons programs such that Canada can completely and utterly blowup the USA 1000x over if threatened by them.
  • Change the Canadian military to be fully Surgical Special Forces Units to assert our dominance overseas in Assassinations or Captures of people we don't like and a vast Cyber Warfare division to push our propaganda internationally with the nuclear weapons as the main deterrent in conventional war.
  • Make anti-antisemitism illegal
  • Make anything anti-White illegal
  • Get rid of the Senate
  • Hang all justices that don't like any of the changes above

Voila, watch our GDP soar to new heights!
 
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#1 issue in Canada is people cant afford to live. The governments response is to make it so you can buy a Chinese EV because our auto sector is now destroyed and to invest in AI which Canada cant compete with China or USA on as we wont/cant make energy cheap and abundant.

Perhaps the alure that AI and robots can replace people has them giddy as fook.
 
Yeah, it’s unclear how higher unemployment from cutting jobs due to AI (with its high energy costs) improves the Canadian economy as a whole or makes cost of living more affordable for poors. Guess I’m not an economist.
 
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But it's great for manufactures. I mean you have a workforce (robots) that work 24/7, never strike, never get sick, no pension when they wear out and after your initial procurement cost their "pay" is practically nothing, just the juice to run them, it's basically mechanical slavery, what capitalist wouldn't drool over that?
 
@Hirudinea i was watching a bunch of investors who invested in Tesla they are giddy as fook that the Optimus 3 will eventually eliminate the humans that make them and that the robots will make and repair robots. They cant wait for the stock to make them millionaires and are gambling nearly everything on Tesla Optimus 3 being the biggest new direction for the world. It is clear these investors dont give a fook about the common man or women or child.

I so badly wanted to reach through the screen and strangle them
 
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