Estimates of the potential long term economic cost of a UK departure from the EU range from a relatively limited impact (with an orderly departure and a reasonable transition period) to the potentially very damaging prospects of a so called ‘hard Brexit’.
Neither can we judge the end results of the major structural changes that have taken place in the private sector of the Canadian economy. Because of this, we need to take a somewhat agnostic view about the production potential of the Canadian economy and about the lowest unemployment rate that can be sustained over time.