Tiff Macklem: Canada's labour market - rebound, recuperation and restructuring

Remarks (delivered virtually) by Mr Tiff Macklem, Governor of the Bank of Canada, to the Edmonton Chamber of Commerce and Calgary Chamber of Commerce, 23 February 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction I'm very pleased for the opportunity to speak to you today-thank you for the invitation. As much as we are all getting used to these virtual events, I would greatly prefer to be with you in person to hear your perspectives and concerns directly. Your input is important to the Bank of Canada. We need to know what's happening on the ground in Alberta and across the country.

Fortunately, the Bank has a strong presence in the province. Two years ago, we opened our financial operations centre in downtown Calgary, which now employs close to 90 people. And since 1997, we have had staff in our regional offices who are eager to listen to local business leaders like you. Over the past year, this has become more critical than ever.

COVID-19 has touched every Canadian in every corner of the country. The pandemic is, first and foremost, a human tragedy, taking the lives of more than 20,000 Canadians, and it's not over. It has also led to an economic downturn unlike anything we've ever seen. Albertans have been especially hard hit, facing the double blow of lockdowns and low oil prices.