I’d like to apologize in advance, as I can’t stay long after my speech. So let me jump into what I want to talk about today—the commodity price shock that has come with the pandemic and the war in Ukraine, and what it means for Canada. Commodity prices have had a pretty wild ride for the more than two years of the COVID-19 pandemic.
Now, with the horrific war in Ukraine and the disruption it brings to the supply of many commodities, prices have shot up even more. I want to explain how this particular commodity price shock has a different impact on Canada’s economic growth than those that have come before.