No cauliflower for you: UTM expert on what the falling loonie means for Canadians

From the continuing slide of the Canadian dollar to the volatility of the global markets and the plunging of the TSX, many are wondering when there will be good news for the economy.

Angelo Melino, professor of economics at U of T Mississauga and RBC Chair of Economics and Public Policy, says it’s hard to predict just how low the loonie will go. But he warns recovery isn’t just around the corner.

“If you’re trying to decide whether to take a vacation in the Caribbean or stay home and go tobogganing or skiing, the lower value of the Canadian dollar suggests more vacations at home make sense this year,” says Melino, a professor at the University of Toronto Mississauga. “You may also want to eat more apples than bananas.

“And no cauliflower either – they’ve been extremely expensive this week.”

U of T News writer Noreen Ahmed-Ullah asked Melino about the pain we’re feeling now and the pain still to come. Read the full interview here >