NEWS RELEASE WILFRID LAURIER UNIVERSITY ************************* Craig Wright, chief economist and senior vice-president at the Royal Bank of Canada (RBC), will speak about the state of the economy in Waterloo Region as part of this year’s Economic Outlook, hosted by Wilfrid Laurier University’s Centre for Economic Research and Policy Analysis (LCERPA).
Wright’s keynote address, “Uncertain and Underwhelming,” will take place Feb. 19 in the Senate and Board Chamber on Laurier’s Waterloo campus. Tickets are available online.
“It’s critical for every business leader to understand where the economy is heading so they can set the right company targets and strategies,” said Edda Claus, director of LCERPA and associate professor of economics. “We are incredibly fortunate to have a major bank’s chief economist travel to Waterloo Region to deliver a forecast of our economy.”
Every year, LCERPA, an association of economists based at Laurier’s Lazaridis School of Business and Economics, invites an economist to shed light on the wellbeing of the local economy. In this year’s talk, Wright will provide insight into how rising protectionism and elevated policy uncertainty are holding back exports and investment. Additionally, he will address how global growth and trade flows are posing challenges for Canadian exports and commodity prices, given that they are posting some of the slowest growth rates since the global financial crisis.
“The topics discussed at Economic Outlook are important for economic growth in our Region,” said Logan McLeod, chair of the Department of Economics in Laurier’s Lazaridis School. “When growth rates are low, it often means there are fewer opportunities for companies to grow. Firms may decide to delay investment decisions and consumers may reduce their spending.”
“In short, if I were a business leader, I would want to know if another recession is coming, the economic pressures affecting growth, and how I may be able to lead my business forward. Our Economic Outlook event is a great opportunity for business leaders in the Region to get an inside perspective on our economy from Chief Economist Craig Wright.”
Wright, who is also an alumnus of the undergraduate Lazaridis Economics program, leads a team of economists providing economic, fixed income and foreign exchange research to RBC clients. He is a regular contributor to numerous RBC publications and is a key player in delivering economic analysis to clients and the media.
Wright joined RBC in 1994 and was appointed chief economist in 2001. He is a member of the CD Howe Monetary Policy Council, the British Columbia Economic Forecast Council and the Lazaridis School’s Dean’s Advisory Council.
Senate & Board Chamber, Wilfrid Laurier University 75 University Ave. W., Waterloo, ON $49.50 (includes HST, lunch and on-campus parking) Buy your ticket
OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.
However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.
The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.
Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.
The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.
The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.
This report by The Canadian Press was first published Oct. 17, 2024.
OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.
In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.
The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.
Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.
In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.
It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.
This report by The Canadian Press was first published Oct 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales in August fell to their lowest level since January 2022 as sales in the primary metal and petroleum and coal product subsectors fell.
The agency says manufacturing sales fell 1.3 per cent to $69.4 billion in August, after rising 1.1 per cent in July.
The drop came as sales in the primary metal subsector dropped 6.4 per cent to $5.3 billion in August, on lower prices and lower volumes.
Sales in the petroleum and coal product subsector fell 3.7 per cent to $7.8 billion in August on lower prices.
Meanwhile, sales of aerospace products and parts rose 7.3 per cent to $2.7 billion in August and wood product sales increased 3.8 per cent to $3.1 billion.
Overall manufacturing sales in constant dollars fell 0.8 per cent in August.
This report by The Canadian Press was first published Oct. 16, 2024.
