Diversity and inclusion are good for the economy
A more inclusive economy is a bigger economy—a more prosperous economy with room to grow without creating inflationary pressures.
Drawing more workers from diverse communities into the labour market is:
- good for workers
- good for business
- good for the whole economy
But the COVID-19 pandemic has had very uneven economic effects. Low-wage earners, women, youth and racialized Canadians have borne the brunt of job losses because they work in the hardest-hit sectors.
A complete economic recovery is a shared one, with good job opportunities for everyone—including those who have been hurt the most.
Monetary policy is a broad macroeconomic instrument. We can’t use it to target specific groups. But what we can—and must—do is keep the benefits of inclusion in mind while implementing monetary policy.