June 14th, 2024

Slowdown will impact low-income earners most, Macklem says at diversity conference

By Nojoud Al Mallees, The Canadian Press on November 14, 2022.

OTTAWA – Bank of Canada governor Tiff Macklem says low-income Canadians are the hardest hit by high inflation and will be disproportionately affected by the impending economic slowdown.

During a conference on diversity, equity and inclusion, Macklem notes that high inflation has harmful and uneven impacts.

The governor said there is “no easy way” to restore price stability but that the ultimate outcome of raising interest rates will be better for all Canadians.

While not substitutes to higher interest rates, Macklem said increasing supply in the economy will help ease inflation, adding that the more that can be done to help supply grow the less demand will need to be suppressed.

Macklem also spoke about the inequities in the economics discipline.

Speaking to the theme of the conference, Macklem said economics is having a “Me Too” reckoning and acknowledged women in the field have to face the added burden of harassment.

This report by The Canadian Press was first published Nov. 14, 2022.

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