Failure to Share Benefits of Growth Is Fuelling Populism, Says Bank of Canada Governor

Started by Epoch-Times-Bot, Dec 13, 2022, 11:15 AM

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Epoch-Times-Bot

Dec 13, 2022, 11:15 AM
Failure to Share Benefits of Growth Is Fuelling Populism, Says Bank of Canada Governor

Bank of Canada Governor Tiff Macklem said on Dec. 13 that the period of low inflation in recent years is the product of solid growth through globalized and free trade, but the lack of sharing these benefits has created a backlash and these "forces are shifting."
"The failure to adequately share the benefits of growth have fuelled populism that is causing countries to turn inward," Macklem said during his year-end address hosted by the Business Council of British Columbia.
"Support for globalization is stalling or even reversing and productivity growth is trending down."
Macklem said that these factors and others affecting global trade, such as Russia's invasion of Ukraine and the pandemic, are leading to a rearrangement of supply chains to make them more resilient, "but at the cost of efficiency."...

Source: Failure to Share Benefits of Growth Is Fuelling Populism, Says Bank of Canada Governor

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