The Big Story Weekend Listen: Economic uncertainty amid a global crisis: what happens next?
Mar 21, 2026
Dr. Eric Kam, economics professor at Toronto Metropolitan University and macroeconomics commentator. He breaks down how the Middle East war upset markets and why Canada may already be sliding toward recession. Short segments on hidden unemployment, low productivity and weak investment. Conversation about why monetary moves cannot fix supply problems and how Canada could leverage its resource advantage.
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Global Conflict Creates Policy Catch-22
- The Middle East war is a black swan that overturned 2026 forecasts and forced central banks into a wait-and-see stance.
- Eric Kam explains rising oil-driven inflation and weak growth create a policy conflict risking stagflation in Canada.
Headline Inflation Hides Core Pressures
- Aggregate inflation near 2% masks high core pressures in food, rent and services.
- Eric Kam warns core and volatile components differ: food and rent are still rising much faster than the headline suggests.
Economic Data Suggests Recession Risks
- Canada's GDP and jobs data point to a weakening economy that could already be in recession despite debate over definitions.
- Kam highlights job losses reversing gains, weak housing, and falling GDP as real signals beyond labels.