The Globe and Mail’s Report on Business team looked at what’s to come for this year. They cover the upside and downside of trade with the U.S., trade with everyone else, infrastructure, housing, jobs, defence, markets, manufacturing, energy and minerals, artificial intelligence and Canadian politics and add a fun feature of asking AI to also opine about 2026. They did also ask some smart humans for their takes:

Laurent Ferreira (National Bank of Canada): Canada’s competitiveness has eroded due to regulatory uncertainty, heavy administrative burdens and an uncompetitive tax system, pushing the country outside the top tier of industrial nations. While Bill C-5 and the latest federal budget are positive signals, Ferreira argues that broader deregulation and smarter taxation are needed to restore investor confidence and reignite growth.

Jimmy Jean (Desjardins): Soaring construction costs reflect Canada’s chronic productivity problem, as output per hour in construction has barely improved in 25 years while wages have risen. This mismatch is driving inflation, worsening housing affordability and making private and public capital projects increasingly uneconomical.

Mark Podlasly (First Nations Major Projects Coalition): Infrastructure-led growth will define Canada’s next economic phase, with First Nations playing a central leadership role. The Indigenous Loan Guarantee Program enables meaningful Indigenous ownership in major projects, embedding reconciliation through equity, participation and shared prosperity.

Kevin Strain (Sun Life): Geopolitical change and rapid AI adoption are reshaping global markets, increasing uncertainty across inflation, rates and capital flows. Strain urges resilience through strengthening the domestic economy, market diversification and partnerships, supported by competitive tax policy, reduced red tape and a more confident national mindset.

Darryl White (BMO): White sees cautious optimism in a growing pro-growth policy consensus focused on investment, productivity and infrastructure, but says progress remains too slow. He stresses urgent cultural change to speed up and stabilize permitting and approvals at all levels of government, backed by coordinated public- and private-sector action.