Governor of the Bank of Canada – CP24

Bank of Canada Governor Tiff Macklem says the world has become more prone to supply shocks, creating more risks to inflation.

He said now that inflation is under control, the central bank is in a better place to deal with any shocks.

Macklem spoke to reporters from Washington, where he attended meetings of the International Monetary Fund.

He talked about the need to increase productivity, or how much work gets done in a given amount of time.

He said productivity has been a long-standing problem in Canada, which poses a risk to GDP and may add to inflationary pressures.

Macklem also said the Bank of Canada is digesting the federal government’s announcement Thursday that it is lowering immigration targets for the next few years.

This report by The Canadian Press was first published on October 25, 2024.

Rosa Saba, Canadian Press