The Big Story Weekend Listen: What is the actual state of the Canadian economy?
11 snips
Feb 7, 2026 
David Rosenberg, president of Rosenberg Research and noted macro analyst, critiques Canada’s prolonged stagnation and policy choices. He discusses weak GDP and jobs, whether Canada is already in recession, declining productivity and capital flight, and the limits of rate cuts and commodity gains. He argues for tax and structural reforms to attract real investment.
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Rate Cuts Didn’t Deliver Growth
- Massive rate cuts in 2024 failed to spark meaningful growth, with only ~1% annual expansion.
- Rosenberg argues this shows monetary policy has had little impulse on Canada's economy.
Exports Have Fallen Since 2022
- Canada’s export levels are lower than in spring 2022 despite commodity price moves.
- Rosenberg says trade uncertainty masks deeper structural competitiveness problems.
Trade Issues Camouflage A Deeper Problem
- Canada suffers a chronic lack of competitiveness and lost productivity over a decade.
- Rosenberg calls recent trade issues a camouflage for long-term structural decline.