Economic Impact of the Russian Invasion of Ukraine

October 5, 2023

Canadian Economics   October 5, 2023

Many factors could impact Canadian trade in the short-to-medium term. Heightened political tensions between Canada and India have led to a temporary pause of trade negotiations between the two nations. It’s worth noting, however, that India currently represents a relatively small portion of Canada’s trade, accounting for just 0.5 percent of total exports and 0.7 percent of imports.

Quick take  •  3-min read

Feeling the Weight of Weaker Demand: Major City Insights

Canadian Economics    August 16, 2023

Just how much will households and businesses in cities across Canada continue to be challenged by inflation and rising interest rates this year? Which city economies will stay afloat thanks to major construction projects? We share our urban economic outlook, including local GDP, employment, and population growth.

Online experience  •  8-min read

It’s Not a Happily Ever After Story for Inflation Just Yet

Canadian Economics   August 15, 2023

Much to the dismay of Canadians, year-over-year consumer price growth picked up again in July. Mortgage interest costs continued to grow at a breakneck pace (30.6 per cent y/y), with rental price growth also elevated at 5.5 per cent (y/y).

Quick take  •  3-min read

Defining Friendshoring

Canadian Economics    July 31, 2023

In recent years, Canada has felt the real economic impacts of rising protectionism, with much of the tension coming from our two biggest trade partners—the United States and China. In 2017, the Trump administration re-negotiated the North American Free Trade Agreement (NAFTA), claiming that NAFTA was creating disadvantages to U.S. industries.

Issue briefing  •   18-min read

The Latest Insights on an Evolving Issue

This page is your go-to resource for insights and analysis on the Russia invasion of Ukraine. Here we will bring you informed and concise content that gives a fact-based understanding of a complicated and rapidly changing situation.

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In the Media

Clean and Green but Not Very Lean: Our Analysis of the Federal Budget 2023

Canadian Economics    March 29, 2023

With the fiscal shadow of the COVID-19 pandemic fading into the background, the federal government is now repositioning itself to address some of the structural issues ahead.

Commentary  •  12-min read

Two people hugging while wrapped in a Ukrainian flag

One year in, the ripple effects here of war in Ukraine

From the economy to the workplace, and from homes to arenas, measuring the impact of a battle waged an ocean and continent away. Overall, the Conference Board of Canada estimates the war in Ukraine accounted for a 1.2-per-cent rise in the inflation rate.

February 18, 2022  •  12-min read
Montreal Gazette  •  Pedro Antunes

High Gas Prices Could Easily Last a Year—and Go Even Higher, Experts Warn

With more major oil producers backing out of Russia, and a total ban on Russian oil exports being discussed by American, Canadian and EU diplomats, the price of crude oil could hit $150 (U.S.) per barrel.

March 8, 2022  •  4-min read
Toronto Star  •  Pedro Antunes


Two men conferring over a tablet device

Canadian Economics     February 14, 2023

Last week, Statistics Canada released another solid jobs report. However, commentaries that followed the announcement took it as bad news, suggesting that the Bank of Canada has not raised rates sufficiently to slow economic growth and inflationary pressures. But the opposite is true.

Op-ed  •  3-min read

Ted Mallett

Director, Economic Forecasting, The Conference Board of Canada

Russia has shaken the world order by choosing to go down a one-way path. The smooth function of societies and international market economies rely on trust—and by betraying that, Russia has likely done immeasurable damage to its own long-term interests.

Available Research


The war in Ukraine brought the country and its people to the forefront of international attention. Every day more and more people are seeking to help Ukrainians to end the war and to recover from the damage that is being inflicted.

Dr. Marnie Howlett has dedicated her life to understanding—and helping others understand—how Ukraine and its people view their country and their unique position as a borderland between Europe and Russia.

She joins us this episode to provide a deeper understanding of how Ukraine’s history, its complexities and its realities on the ground have helped to shape the war and are fueling the Ukrainian resistance.

The ongoing war in Ukraine has shaken the foundation of international relations. In many ways this war feels like déjà vu—a land war in Europe, a larger power attempting to overtake another smaller country for its own gains. But in other ways this war is unprecedented. Professor Jane Boulden joins us this episode to help make sense of the impact of the war in Ukraine on the international order, on the United Nations, and on how this war has eroded the rules-based order that we thought governed international relations.

The Russian invasion of Ukraine sent shockwaves around the world and Canada is not immune. Join the Conference Board of Canada’s economic forecasting team as they discuss how this conflict will impact Canadian producers, government, and consumers. They will also discuss opportunities for Canada to build on its special relationship with the people of Ukraine to play a bigger role in post-war rebuilding.