In this episode, I head to Ottawa to sit with Steve Poloz — former Governor of the Bank of Canada — for a no-spin masterclass on the economy Canadians actually live in. Reflecting on the lesson and predictions from his book The Next Age of Uncertainty, released in early 2022, Poloz breaks down for us the forces colliding all at once: AI that might be moving faster than the job market can absorb, tariffs that could wipe trillions off the global economy, and the real reasons beef, fuel, and fertilizer keep pushing your grocery bills higher. But this isn't a doom forecast. It's a roadmap — why Poloz is betting on technology, trade diversification, and finally tearing down Canada's own internal trade barriers to protect the standard of living we've built.
On this episode of The Feed Powered by Loblaw, host Michael LeBlanc sits down with former Bank of Canada Governor and renowned economist Steve Poloz for a timely and wide-ranging conversation about the forces reshaping Canada's economy.
Drawing on insights from his influential book The Next Age of Uncertainty, Poloz reflects on how many of the disruptions he anticipated have accelerated far faster than expected. From geopolitical conflict and the restructuring of global trade to inflation, artificial intelligence, demographic shifts, and supply chain volatility, he explains why Canadians are entering a new era defined by greater uncertainty—and greater opportunity.
The conversation begins with a look at the rise of generative AI and why Poloz believes it represents the Fourth Industrial Revolution. While businesses are rushing to deploy artificial intelligence technologies, he argues that the largest economic benefits are still ahead. Drawing parallels to the introduction of electricity and the computer chip, Poloz explains how productivity gains ultimately create more prosperity, even as they disrupt labour markets and force difficult transitions for workers and industries.
Michael and Stephen also examine the growing concerns surrounding employment, automation, and Canada's productivity challenges. Poloz outlines why Canada cannot afford to lag in AI adoption and argues that accelerating business investment, innovation, and entrepreneurship will be essential to maintaining living standards in the years ahead.
The discussion then turns to one of the most consequential issues facing Canada today: the disruption of global trade. Poloz explains why rising protectionism and tariff barriers create inefficiencies that ultimately reduce global growth, lower incomes, and slow economic progress. While Canada's deep economic ties to the United States remain critically important, he outlines why diversification, regulatory reform, energy development, critical minerals, and new trading relationships will become increasingly important.
Food inflation and affordability also take centre stage. Poloz offers a clear explanation of how global shocks—including energy prices, fertilizer costs, drought conditions, geopolitical conflicts, and supply chain disruptions—continue to influence food prices long after the initial event has passed. He also discusses Canada's internal trade barriers, describing them as a major untapped economic opportunity.
The episode concludes with Poloz's prescription for Canada's future prosperity: embrace technology, remove barriers to investment, improve productivity, and create the conditions for innovation-led growth.