Laurent Ferreira is blunt when he assesses the state of Canada’s economic trouble.

“The status of our economy is red,” he said in a June 9 conversation with Goldy Hyder at the Conférence de Montréal.

The president and CEO of National Bank of Canada stressed the urgency for Canada to strengthen its economy in light of geopolitical uncertainty. But he’s optimistic the country will take action, saying now is the time to “get projects built across the country, get to the bottom of what are the causes of our economic performance, and move forward.”

Ferreira sees a major role for Canadian energy in Canada’s future. The Quebec-based bank recently acquired Alberta-based Canadian Western Bank, expanding the bank’s footprint into more markets across the country. He says nation-building projects, including energy, will keep the federation strong. And to land those projects, there’s an overriding need to reduce regulations. 

“I think that the biggest impediment to energy transition is regulation. It's not Alberta. It's regulation. That's the real problem.”

Listen to the full conversation on the Speaking of Business podcast.

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