You know something’s off when even the data experts are sounding the alarm.

In the latest podcast episode of Canada’s Economy, Explained, host Marwa Abdou takes us inside the Business Data Lab’s inaugural research conference, The Case for Canada. The message that echoed across panel discussions and keynote presentations was this: Canada is facing a trust crisis — and it’s already hurting our economy.

From Anil Arora, former Chief Statistician at Statistics Canada, to renowned economists and trade experts, every voice at the conference came back to one key idea: Trust is not a “soft” concept. It’s the backbone of economic performance.

“Good data…is an investment in building trust,” said Arora. “They upset democracies. They upset our social and economic wellbeing.”

It’s not just theory. The 2025 Edelman Trust Barometer showed that 62% of Canadians now report a moderate to high sense of grievance. Trust in institutions — governments, media, even business — has hit historic lows. That social unrest seeps into economic decision-making, undermining investment, growth, and innovation.

Here are three takeaways from the episode:

• Trust drives productivity. Economies with higher trust see higher GDP per capita.
• Over-regulation is slowing us down. Canada’s regulations grew 2% annually between 2006 and 2021, slicing nearly 2% off our GDP.
• Data equals power. Without timely, reliable data, Canadian policymakers are flying blind—and competitors know more than we do.

The podcast doesn’t just point fingers. It digs deep into how this happened — and what we can do about it.

What We Heard from the Experts

Economist Stephen Tapp broke down how a swelling regulatory burden has taken a measurable toll.

“The number of regulatory requirements rose 37% over 15 years,” he explained. “That’s led to a double-digit drop in business investment.”

Tapp’s analysis shows how outdated or excessive regulation discourages new business creation and hurts competitiveness. The rules need to be simpler, faster and more focused on helping entrepreneurs — not burying them under paperwork.

Professor Meredith Lilly brought clarity to Canada’s economic relationship with the U.S., comparing our response to trade tensions with Mexico’s cooler approach.

“Canadians like ‘stand up to Trump,’” she said. “But that didn’t serve our national interest. Mexico stayed calm and now holds more leverage.”

Her comments shed light on how political storytelling can either soothe tensions — or inflame them. Canada’s emotional diplomacy may play well at home but doesn’t always deliver results abroad.

Then there’s Dr. Chad Bown, senior fellow at the Peterson Institute for International Economics. He walked through the messy mechanics of tariffs and how the U.S. is using them — often inconsistently — to hit Canada.

“You can’t use tariffs for revenue, punishment and reshoring at the same time,” he said. “Those goals contradict each other.”

His insight? Confusion might actually be a deliberate U.S. strategy. And if Canada doesn’t define its own clear trade stance, it risks being caught off-guard — again.

Canada needs more transparent and accountable policy — not just reactive measures. As Andrew DiCapua explained, people are still feeling the aftershocks of inflation.

“I can’t get ahead,” he said, paraphrasing what many Canadians feel. “We overshot on prices, and now there’s a lingering sense of distrust in the Bank of Canada.”

The real solution? Strengthening the foundations of trust — starting with the data.

Arora laid out the five pillars Statistics Canada used to modernize its systems, from user-centred design to collaborative partnerships like the Business Data Lab.

“Trust and data are not separate,” he said. “They’re integral.”

If institutions want to regain public confidence, they need to collect better data, share it clearly, and use it to guide smarter decisions. That’s what makes business owners invest, families spend, and communities grow.

What You Can Do Next

After listening to this episode, you’ll walk away with a better understanding of how Canada’s trust crisis isn’t just a political issue. It’s an economic one. You’ll hear the hard numbers, real examples and thoughtful recommendations from the country’s top minds.

If you lead a business or work in policy, this podcast is your call to act. Ask better questions. Push for better data. Hold your institutions accountable.

Trust isn’t rebuilt overnight — but as Anil Arora reminds us, it starts with a commitment.

“An investment in data is an investment in our future.”

Catch the full episode of Canada’s Economy, Explained on the Business Data Lab website: