Renowned U.S. economist Larry Summers said last October that “we’ve got the most complex, disparate, and cross-cutting set of challenges that I think I can remember in the 40 years I’ve been following this stuff.” This will make many of us feel better about having lots of questions. At the same time, as answers await, we have to make decisions daily and decide on the investments that will be the best response to change.

No doubt, the global context is gloomy. And there is much uncertainty and risk. But it is difficult to think of a country that, given its geography, resources, human capital and institutions, is better placed than ours to capture the upside, and to guard against the downside, of a changing world. Perhaps this is why in my interactions with clients and partners, I feel a sense of optimism, a sentiment that if we get our act together—and frankly even if we don’t all the time—we can get things done. There is also a widespread view that with appropriate policy changes we can significantly close the yawning gap between our current state and our tremendous upside potential.

In this Fall 2022 Economic Outlook, the Bennett Jones Government Affairs and Public Policy group aims to make some sense of a complex world and to identify some assumptions for the U.S. and Canadian economies to assist business planning. They also provide advice to governments and regulators to help bolster confidence and unlock critical private investment. Our team of advisors is available as a resource to clients and partners. We hope you will find this outlook informative for your deliberations.