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  • As the global economy decarbonizes over the next 30 years, Canada’s GDP growth will slow due to lower foreign demand and lower commodity prices
  • There will be less inflationary pressures and monetary policy should be more stimulative relative to the baseline scenario

There is the idea that a drop in demand for commodities will lead to lower commodity prices, but I don’t necessarily agree with that idea. In oil, I suspect a lack of investment in long-cycle supply will eventually hit hard.

In any case, demographic, political and technological changes will be more important drivers of monetary policy than climate for the foreseeable future.


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