Justin Trudeau is holding a retreat to solve Canada’s problems

Justin Trudeau’s recently shuffled Cabinet will be heading to Prince Edward Island just before the next session of parliament for a three-day retreat aimed at finding a solution to Canada’s economic and affordability woes. 

The retreat will be an opportunity for Trudeau and his leadership team to keep “building a strong economy” according to a statement put out by the Prime Minister. However, it is tough to say the Canadian economy is doing well. 

Housing prices in Canada are only slightly off from their global pandemic highs while the Bank of Canada increased the country’s key interest rate to 5% in mid-July as a way of continuing the fight against rising inflation.  

In May, Forbes noted that Canada was facing lingering pandemic-related problems such as ongoing inflationary pressures, weak investment, and slow productivity growth while the biggest problem was the rising cost of living. 

Moreover, Canada’s real Gross Domestic Product (GDP) growth is expected to decline to 1.4% in 2023 according to the Organisation for Economic Co-operation and Development but growth could rebound in the following year. 

Trudeau’s statement promised to focus on affordability in the country and noted he and his ministers would specifically discuss housing, health care, combating climate change,  and growing the economy.” 

“I hear people loud and clear when they tell me life is getting too expensive, we need more affordable housing, wait times to get the medical care they need are too long, and they’re concerned about the impacts of climate change,” Trudeau said in a statement.

“I look forward to working together with our new team to keep making real progress on those issues and build a better future for all Canadians,” the Prime Minister added. 

Unfortunately, the Prime Minister has done little to solve these problems since he was reelected in 2019 and it's unlikely much will change after Trudeau’s three-day retreat with his ministers.