But it won't:
Natural resources are the backbone of the world’s economy and Canada is third among the top 10 countries in terms of resource wealth, according to Investopedia. Canada’s economy in general, and its stock market, will be big beneficiaries of global efforts to isolate Russia.
The resource reset will also benefit the federal and provincial governments, which is why they must step aside and facilitate, not sabotage, the mobilization of the country’s natural endowments to fight inflation and to play a prominent role in a righteous cause.
Some Canadian uranium and potash producers have increased their output in response to market needs. Ottawa has also said that Canada has the ability to boost oil production by around 300,000 barrels per day by the end of the year. But more is needed.
“We need to be doing more than 300K/day and faster,” tweeted Sonya Savage, Alberta’s energy minister. “And we can, if the federal government will get out of the way. It’s time to start treating our oil and gas reserves as a strategic asset to be proud of, rather than a liability to be phased out.”
The world needs more Canada … and that means resources.
Unfortunately:
.@EnvironmentCA says collapse of travel & sharpest retail downturn since 1932 helped lower emissions: "Canada is moving in the right direction," said @S_Guilbeault. https://t.co/jllZ8QjryJ #cdnpoli #ClimateChange pic.twitter.com/U3W2vxDsjv
— Blacklock's Reporter (@mindingottawa) April 18, 2022
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Drivers say #ElectricVehicles too costly, according to @NRCan research: “Only 5% of Canadians say they currently own or lease a vehicle that runs on electricity.” Feds since 2016 approved $3.3B to promote zero emission vehicles. https://t.co/4tVYFxxszQ #cdnpoli pic.twitter.com/b57VYvYKOw
— Holly Doan (@hollyanndoan) April 18, 2022
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New analysis shows that a majority of Canadians are seeing diminishing incomes due to inflation levels that are higher than their wage gains.
According to the Canadian Centre for Policy Alternatives (CCPA), wages rose by only 2.7% over the past two years, while inflation grew by 3.4% annually.
Throughout the labour market, inflation-adjusted pay growth was in the red, including in the education and healthcare sectors.
In February of this year, Canada’s inflation level hit 5.7% – the highest it’s been in 30 years. Economists predict that the inflation level will steadily increase, due to sanctions on Russia and other world events.
“We’re just not seeing wage gains anywhere near the rate of inflation,” said CCPA senior economist David Macdonald. “It may be that workers have yet to catch up to the fact that inflation is high, and that they should start asking for higher wage gains on a year-to-year basis.”
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