DIVERSEcity Community Resources Society welcomed Bank of Canada Deputy Governor Rhys Mendes to discuss the economy with a regional perspective
With the ongoing talk of tariffs and US trade uncertainty, housing prices and affordability issues, the economy is top of mind for most British Columbians, including here at DIVERSEcity.
This week, we welcomed Bank of Canada Deputy Governor Rhys Mendes and Crystal Arnburg, Regional Director (Economics) with the Bank of Canada’s Regional Office for British Columbia and the Yukon, for an insightful dialogue on current economic concerns nationally and regionally, the Bank of Canada’s role, and exploring ways to build economic stability and resilience for Canadians that delve deeper than cutting interest rates.
Along with members of our Board of Directors, Sonia Parmar, Jason Wong and Jensen Leung, we shared information about the local context here in Surrey, one of the country’s fastest-growing cities. We discussed what we see on the ground as we serve the community, including what social and labour market factors are constraining economic growth, such as:
- the challenges with unemployment and underemployment in the labour market, and the ongoing barriers around foreign credential recognition for skilled immigrants, leading to lost productivity
- the growing needs around social inclusion and mental health in our population including youth
- housing instability and unaffordability
- and funding instability for social services organizations working to help people thrive
“As our region continues to grow and diversify, we see every day how social inclusion, economic participation and financial literacy are deeply intertwined,” says Neelam Sahota, FCPA, Chief Executive Officer, DIVERSEcity. “This thoughtful engagement with the Bank of Canada reinforces the critical link between strong social infrastructure and a healthy, dynamic Canadian economy, as well as the importance of government and social services partners to learn from each other and work together to build a stronger Canada.”
Thank you to Deputy Governor Mendes and Regional Director Arnburg for your time and keen interest in DIVERSEcity and the people and communities we serve. We look forward to continuing our connection.
