Canada:
Rein In Inflation Or Risk A '70s Rerun, Warns David Dodge
21 June 2023
Bennett Jones LLP
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It's not the kind of rerun of a '70s show that Canadians
will want to watch.
David Dodge tells the Financial Post why the Bank of Canada has
a year to 18 months to get inflation under control or risk a return
to the "pretty awful era" between the mid-1970s and
'80s characterized by a lack of pricing predictability and
social upheaval.
He says the Bank of Canada has taken the right steps for the
short term, but he believes global economies are in the midst of a
great upheaval, with fractured trade that will make it difficult to
keep costs down, and an increasingly digital world that will result
in clear winners and losers.
"(We're) going into this very, very difficult period of
having to make changes to adapt to climate change and the difficult
period where we're going to have technology changes which will
change some relative wages."
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