Labour shortage threatens to become economy’s biggest bottleneck

Episode 132 of Down to Business podcast

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This week on Down to Business, Scotiabank chief economist Jean-Francois Perrault discusses what we’ve learned from our response to the pandemic.

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During the recession of the Great Financial Crisis, around 2009, many of the world’s largest economies were reluctant to use fiscal stimulus compared to their attitudes during the pandemic, when fiscal stimulus was extensively used.

The economy made a much faster recovery — in terms of employment, exports and by other metrics — but we’re now grappling with rising inflation, which could become self-reinforcing if left unaddressed.

All in all, the economy is a interesting bundle of contradictions, with rising wages and a growing economy, two forces offset by rising inflation and lack of consumer confidence.

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