Scotiabank has appointed Rebekah Young as its first Head of Inclusion and Resilience Economics with a mandate to provide thought leadership on how inclusive economic growth can drive stronger, more durable, and more adaptable economies with broadly shared improvements in well-being.
In this role, Young will approach some of the key issues of our time – climate change, technological transformation, economic disruption, labour demographics and more – through a lens that includes more than broad macroeconomic concerns but also focuses on sectoral and even household vulnerabilities that can stand in the way of prosperity.
“There are two key priorities,” Young says. “One is advancing the idea of inclusion and grounding it in economic principles. How do you ensure that everyone can participate not only in the gains of economic activity – a shared prosperity – but also be able to contribute and shape the creation of that prosperity?
“The other, resilience, is about adapting to the changes taking place at lightning speed in the global economy. A big part of that is climate change, but it’s also things like technology and productivity shifts, all taking place against the backdrop of major demographic changes. What are the economic paradigm and policy shifts that would ensure we capitalize on these evolving trends and that no parts of society get left behind?”
Young cites inflation as a near-term example of how to look at things a little differently than traditional economics might. The headline inflation rate is the kind of indicator that macroeconomists would typically look at, but it doesn’t tell the whole story of the impact of inflation.
“We know what headline inflation is, but that is really quite misleading because across Canada, households are feeling the impacts quite differently,” she says. “Low-income households spend over half of their disposable income on essentials like fuel and food. They really can't cut down on those, and they have a much more tangible impact. So, what are some of the consequences of persistent inflation through this disaggregated lens and what does it mean for potential policy responses?”
Another example is people with disabilities. Some six million Canadians identified with having a disability at the time of the last census. While the majority were employed, two in five – or over 600,000 working-age individuals – had potential to work but couldn’t find a job.
“In economic terms, that’s enormous. At the household level, impacts can be even bigger. Using an inclusive, holistic perspective is not just the right thing to do, and of course there are many moral and ethical arguments why inclusion is right. But we also want to try to shine a light on the economic argument as well, because that can really spur faster momentum for positive change.
Rebekah will approach issues surrounding climate change, financial inclusion, diversity and inequality from an economic perspective as we try to influence how Canadians and policymakers think about and consider policies to address those issues.
“In this role there’s more leeway to make things more tangible, to look at the impacts on Canadians, and to think about how market forces can best be harnessed to deliver what we value as a society, and our respective roles in getting there.”
Jean-François Perrault, Chief Economist at Scotiabank, said the time was right to create this role given the massive disruptions happening across many sectors.
“The pandemic has made it even more obvious that a focus on big-picture macroeconomic outcomes masked a broad range of vulnerabilities in our society. We must better understand and address them if we are to live up to our economic potential as a country,” Perrault said.
“In addition, the green transition that is underway and accelerating is likely to lead to the greatest economic transformation in recent Canadian economic history. It is critical that we contribute in a meaningful and tangible way to the dialogue surrounding that.
“Rebekah will approach issues surrounding climate change, financial inclusion, diversity and inequality from an economic perspective as we try to influence how Canadians and policymakers think about and consider policies to address those issues.”
Scotiabank’s environmental, social and governance (ESG) commitments address areas where the Bank can make the greatest positive impact, not just in its operations and with its customers but on the world around us, said Meigan Terry, Senior Vice President & Chief Sustainability, Social Impact, and Communications Officer.
“Rebekah’s new role will enable us to take even more meaningful action to address social, environmental and economic concerns while positioning the bank for success,” Terry said. “Through research, collaboration and public policy discussions, we can play an important role in ensuring a just transition, supporting the economic resilience of the communities we operate in and preparing our markets for every future.”
Young joined Scotiabank in 2019 as Director, Fiscal & Provincial Economics, leading the Economics team’s work on provincial and federal economic and fiscal forecasts, public policy issues and the global auto sector. Previously, she held senior roles at the federal Department of Finance, the International Monetary Fund and the World Business Council for Sustainable Development.
She holds a B.A. in Chemical Engineering from McGill University, an M.Sc. in Environmental Policy from the London School of Economics in London, England, and an MBA from INSEAD in France and Singapore.
