In this episode, host Marwa Abdou speaks with Dawn Desjardins, Chief Economist at Deloitte Canada, about the country's fragile economic outlook for 2025. Desjardins shares insights from Deloitte’s Calm Before the Storm report, which highlights falling interest rates, stable inflation, and household savings as economic supports — while new U.S. tariffs and slowing immigration policies introduce serious risks.

Desjardins warns that a potential 25% U.S. tariff on Canadian exports could cost the average Canadian over $2,000 annually, while GDP could shrink by 0.8% if Canada retaliates. “Consumer confidence has come down significantly,” she says, adding that businesses are delaying investments due to uncertainty. Labour shortages may ease with reduced immigration, but that could also dampen long-term growth. She also points to productivity issues, housing shortages, and geopolitical uncertainty as compounding pressures.

Despite the turbulence, Desjardins remains cautiously optimistic: “We anticipate this to be a sharp impact on the economy, but a relatively short-lived one.”

Resources:

Deloitte Canada Report

BDL Business Conditions Terminal

In this episode of Canada’s Economy, Explained, host Marwa Abdou sits down with Dr. Chad P. Bown, Reginald Jones Senior Fellow at the Peterson Institute for International Economics and former Chief Economist at the U.S. Department of State, to examine how new U.S. tariffs could impact Canada’s economy.

Bown explains how Canada’s deep ties to U.S. supply chains leave it exposed to major cost increases, warning that tariffs could “double or triple” production expenses and hit smaller suppliers hardest. He cautions against retaliation, reminding policymakers that “tariffs also cause self-harm.”

The conversation covers why automation limits the return of manufacturing jobs and why Canada’s efforts to diversify trade partners face steep challenges from geography and infrastructure barriers. Bown also shares cautious optimism. While Washington’s direction on trade is confusing even to insiders, he reassures Canadians that “you still have a lot of fans in Washington” and reminds listeners that democratic systems can correct poor policy over time.

Listen to the full conversation to understand why careful, long-term thinking is key to protecting Canada’s economy.

Chad Bown website
Trade Talks Podcast
Canada-US Trade Tracker

This episode explores Canada’s gender gap in entrepreneurship with Isabelle Hudon, President and CEO of the Business Development Bank of Canada, and tackles the systemic barriers women face—especially in accessing capital.

Drawing from BDL’s new report, Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity, the discussion reveals why women still own just 18% of Canadian businesses despite a $2 billion government push to double that by 2025.

“Access to capital is probably one of the top three reasons why we don't see as many women picking entrepreneurship as a career versus men,” says Hudon in the episode. She goes on to share how initiatives like the BDC's $500 million Thrive Platform are driving change.

The discussion emphasizes the need for bold ambition, policy support, and societal change to foster inclusive entrepreneurship and economic growth.

Key takeaways:

• Canada has 100,000 fewer entrepreneurs than it did 20 years ago, according to a BDC study.
• Women remain significantly underrepresented in entrepreneurship.
• Economic cost of gender disparity in entrepreneurship estimated at $180 billion.
• Access to capital is more difficult for women entrepreneurs.
• Women-owned businesses concentrated in limited sectors like healthcare and retail.
• Lack of women representation in investment decision-making processes.

Resources:

BDL report Women Entrepreneurs: Canada’s Biggest Missed Business Opportunity

BDL’s Business Conditions Terminal for Women in Business

BDC article How Do Women Impact the Canadian Economy?

BDC’s $500 Million Thrive Platform for Women

BDC’s hub for Women Entrepreneurs offering finance, advice & free resources