A decade on, metrics suggest Justin Trudeau’s brand of progressive economics failed to produce sustainable growth and Canadians are reeling from an affordability crisis
While Mr. Trudeau steered Canada ’s economy through the pandemic and helped secure continental free trade during the first U.S. presidency of Donald Trump, declining productivity and falling living standards leave the country vulnerable in the face of a potential trade war with the U.S. A customer looks at the shelves in a Farm Boy grocery store in Toronto, on May 31, 2023.
“In their first term, they didn’t do badly,” former Bank of Canada governor David Dodge said in an interview. “But they certainly failed in the second and third terms. And they failed primarily because they didn’t get the balance between growth and distribution. And that’s a failure in planning, but it was equally a failure in execution.”
A crucial achievement of the Trudeau government came in its first term, when it renegotiated the North American Free Trade Agreement with a belligerent, who had threatened to scrap the deal altogether. The resulting pact, the United States-Mexico-Canada Agreement, kept American and Mexican markets open to Canadian businesses – although this is once again under threat with Mr. Trump’s return to the White House.
“The entire world went through a brutal pandemic, which led to inflation globally. So, I don’t think we can really pin that, and the big run-up in interest rates, ,” Douglas Porter, chief economist at Bank of Montreal, said at an event in Toronto on Thursday. “I think they didn’t think very well and smartly about growth,” Prof. Ragan said. “And that led them down this hopeful and naive path that, ‘Oh, we’ll open the gates for immigration and that’ll be our growth strategy.’ And I think that has failed miserably.”
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