Bank of Canada warns that economic restructuring will take years and may be painful
Governor Tiff Macklem says adjusting to U.S. tariffs and AI will take years. He warns that the transition could be painful as growth remains modest for now.
Bank of Canada Governor Tiff Macklem tiff macklem warned on Thursday that restructuring the Canadian economy 
CA to adapt to a shifting global landscape will take years and could be painful. Speaking at the Empire Club on February 5, 2026, Tiff Macklem tiff macklem noted that this transition implies modest near-term growth and sustained uncertainty for monetary policy decisions.
CA to adapt to a shifting global landscape will take years and could be painful. Speaking at the Empire Club on February 5, 2026, Tiff Macklem tiff macklem noted that this transition implies modest near-term growth and sustained uncertainty for monetary policy decisions.The governor identified three primary drivers necessitating this structural shift: the implementation of U.S. 
US tariffs, slower population growth, and the rapid rise of artificial intelligence. These factors combined are forcing the Canadian economy CA to reorganize, a process that Tiff Macklem tiff macklem suggested would not be immediate or without difficulty.
US tariffs, slower population growth, and the rapid rise of artificial intelligence. These factors combined are forcing the Canadian economy CA to reorganize, a process that Tiff Macklem tiff macklem suggested would not be immediate or without difficulty.
