This Statistics Canada webinar summary outlines current economic conditions in Canada, and factors contributing to structural challenges, including:
- Affordability challenges in Canada will persist even as consumer inflation eases. Soaring housing and rental prices, owing to strong demand and weak supply, pose substantial risks to social and economic mobility. Financial and economic risks are amplified for certain demographic groups, particularly young families.
- Recent employment gains are not keeping pace with increases in the working-age population, putting downward pressure on the employment rate. Over the first eleven months of 2023, the working-age population expanded by nearly 80,000 per month, almost twice the average pace observed in 2022.
- The improvement of living standards over the longer term will require sustained increases in labour productivity, which has continued to trend lower in recent quarters. Strategies to bolster investment, innovation and skill utilization will be important drivers of improvements in GDP per capita.
Published By: Statistics Canada
Publication Date: December 12, 2023
Click here to access Challenges and Opportunities: Current Economic Conditions and Structural Challenges
