Shopify CEO Frets About Public-Sector Growth in Canada -- Market Talk

Dow Jones04-16

1715 ET - Shopify CEO Tobi Lutke issues a warning on social media about the direction of the Canadian economy, in particular its reliance on the public sector to fuel growth. "This can only lead to poverty," Lutke says, via his account on X, citing a chart showing how employment in Canada's public sector has significantly outpaced private-sector job growth since 2014, or the year before the Justin Trudeau-led Liberal Party came to power. Federal-government payrolls have expanded by 40% since 2015, while overall employment in Canada has climbed 14% during same time period. The post comes a day before the Trudeau administration unveils its 2024 budget plan, which business groups expect to include higher, or new, taxes on corporate Canada. (paul.vieira@wsj.com, @paulvieira)

(END) Dow Jones Newswires

April 15, 2024 17:15 ET (21:15 GMT)

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Federal-government payrolls have expanded by 40% since 2015, while overall employment in Canada has climbed 14% during same time period. The post comes a day before the Trudeau administration unveils its 2024 budget plan, which business groups expect to include higher, or new, taxes on corporate Canada. 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