The Great Resignation has arrived in Canada
It took a while for a version of the Great Resignation to take hold in Canada, but now it’s here. It has taken the form of a retirement wave – and its arrival further clouds the outlook for an already murky economy.
The timing isn’t great, coming when high inflation and fast-rising interest rates have already heightened the risk of a recession in the next year. Capital Economics economistsuggested that this retirement frenzy could be the thing to push the economy over the edge. But among the 55-plus population, the story is suddenly very different. It’s as if older workers, having stuck it out during the depths of the recession and the frantic, uncertain recovery, have decided that they’ve had enough.
Nevertheless, falling participation numbers are generally not considered an economic positive. And even though Canada’s overall participation rate remains healthy by historical standards – especially for the core age group, where the rate is above prepandemic levels – the spate of retirements does pose a potentially serious obstacle to the economy.
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