Air Canada’s former top executive says he’s optimistic about the economy’s resiliency despite current headwinds, but he thinks governments should correspond more closely with businesses to plan for the future.

“I really believe that the glass is half full,” Calin Rovinescu, now a board member at Scotiabank and BCE Inc., said in a Wednesday television interview with BNN Bloomberg.

“Short term, we're going to have some pain, but long term, I think this continues to grow, and certainly North America, the United States, Canada, are well positioned for that, so I'm optimistic.”

Rovinescu, who left his role as Air Canada CEO in 2021 after leading the company through the early days of the pandemic, said he’s predicting a mild recession in 2023, amid challenges like high interest rates and inflation. But he explained that he maintains his optimistic outlook by considering the history of how businesses have rebounded and grown despite economic hardships over the last century.

Reflecting on his experience as a business leader through a pandemic, Rovinescu said he would like to see more dialogue between governments and businesses when it comes to policy responses to economic crises, because many businesses outlast democratically elected governments.


“The reality is, businesses are built for hundreds of years; governments are elected for four years, so there has to be a better planning out of the phases,” he said.

As for sectors he’s eyeing for their growth potential, Rovinescu said he’s interested in aerospace electrification, as well technology and software in the travel industry.

BCE is the parent company of BNN Bloomberg through its Bell Media division.