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GDP growth at a standstill in Canada, oil and gas sector one major bright spot – Conference Board of Canada

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2 years ago

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Article submitted by the Conference Board of Canada

Muted Outlook for Canadian Economy

Consumer Spending Holding Strong Despite Confidence Being Weak

Despite the progress that has been made, inflation is still weighing down Canada’s economy according to new research from The Conference Board of Canada. In keeping with its previous forecast, real GDP growth will be at a virtual standstill for the rest 2023. For the year as a whole that means a 0.9 per cent gain, followed by only a modest 1.4 per cent improvement in 2024.

“Concerns about the U.S. financial system are unlikely to be mirrored in Canada given our country’s more concentrated banking system,” stated Ted Mallett, Director, Economic Forecasting at The Conference Board of Canada. “The indirect effects will be muted, and business investment was already expected to be weak in Canada so there is relatively little business lending to pull back.”

The global economy has slowed sharply over the past year as major central banks have increased interest rates, but despite the weak near-term growth anticipation, the chances of a severe global recession have receded. Inflation remains a threat, but two key developments provide reason for optimism. The first is the mild winter in Europe eased concerns of an energy crunch, with natural gas prices now lower than before the Russian invasion of Ukraine. The second is China’s removal of the zero-COVID policy, which saw their economy open at a much faster pace than anticipated.

The U.S. economy continues to defy expectations, with an expansion of 2.7 per cent in the final quarter of last year. Several factors should ensure that the coming slowdown in economic growth won’t be as severe as past slumps in economic activity. The major reason behind this view is the excess savings that households in America built up during the pandemic when the opportunity to spend was severely limited.

A slower U.S. economy will weigh on Canada’s trade results in the coming months, but the exports sector will still see a good showing in 2023, according to The Conference Board of Canada. Supply chain disturbances, which significantly restrained activity for many export sectors last year, have shown signs of easing over the past several months. A weak domestic economy, the depreciation of the loonie, and a steep decline in machinery and equipment investment will lead to muted activity for total real imports this year.

The oil and gas sector is a major bright spot in Canada thanks to strong corporate profits and ongoing projects in Western Canada and Newfoundland and Labrador.

Canada’s labour market has seen an impressive start to 2023, according to The Conference Board of Canada, which is being fuelled by an uptick in population growth. International migration to Canada has risen sharply in recent quarters, driven by record immigration targets and increased admissions of non-permanent residents, including temporary foreign workers.

Higher mortgage rates have slowed residential demand and unsurprisingly, the resale market has corrected with sales and prices decreasing. This downturn will frustrate some homeowners who bought at peak prices, while higher interest rates could severely impact some homeowners forced to renew mortgages at higher interest rates.

“While much of the COVID-19 support spending is now in the rear-view mirror, governments continue to have a heightened presence in the economy,” continued Mallett. “The pandemic brought about a new era of challenges to public finances, which were hardly looking rosy heading into the pandemic. The most notable question mark in today’s fiscal climate is how well governments can cope with new economic shocks.”

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Business

Rand Paul Releases Report Detailing $1,000,000,000,000 In Gov’t Waste. Here Are The Worst Offenders

Published on December 24, 2024

By

 

From the Daily Caller News Foundation

By Ireland Owens

Kentucky Sen. Rand Paul released a report on Monday outlining more than $1 trillion in government waste from the past year.

The 2024 “Festivus” report highlighted various instances of wasteful government spending from the federal government, including a pickleball complex in Las Vegas and a cabaret show on ice. This year marks Paul’s 10th annual report.

“This year, I am highlighting a whopping $1,008,313,329,626.12,” Paul wrote in the report. “That’s over $1 trillion in government waste, including things like ice-skating drag queens, a $12 Million Las Vegas pickleball complex, $4,840,082 on Ukrainian influencers, and more! No matter how much money the government has wasted, politicians keep demanding even more.”

The Department of the Interior (DOI) spent $12 million on a Las Vegas Pickleball Complex, according to the report. The DOI also spent $720,479 on wetland conservation projects for ducks in Mexico.

“I have a lot of problems with federal spending, and now it’s time to hear all about them,” Paul wrote in the report.

The National Endowment for the Arts (NEA) awarded the Bearded Ladies Cabaret a $10,000 grant to support a cabaret show on ice skates focused on climate change, according to the report. The NEA also spent $365,000 to promote circuses in city parks, the report states.

The State Department spent $500,000 to expand the U.S. Embassy in Ethiopia’s #USInvestsInEthiopians social media campaign to a larger national public relations campaign, according to the report. The State Department also sent $253,653 to Bosnia to fight “misinformation,” spent $2.1 million for Paraguayan Border Security, and spent $3 million for ‘Girl-Centered Climate Action’ in Brazil, according to the report.

The Department of Health and Human Services spent $419,470 to determine if lonely rats seek cocaine more than happy rats, the report states.

The National Science Foundation spent $288,563 to ensure bird watching groups have safe spaces, also known as “Affinity Groups,” according to the report.

President-elect Donald Trump announced on Nov. 12 that he had picked Vivek Ramaswamy and Elon Musk to co-chair a new Department of Government Efficiency (DOGE), aimed at cutting down on wasteful government spending.

“As always, taking the path to fiscal responsibility is often a lonely journey, but I’ve been fighting government waste like DOGE before DOGE was cool, Paul wrote in the report. “And I will continue my fight against government waste this holiday season.”

Many Americans have faced steep costs amid high inflation throughout President Joe Biden’s term, with inflation hitting a peak of 9.1% in June 2022. While inflation rates have eased some since June 2022, prices still remain high, with the consumer price index (CPI), a measure of the price of everyday goods, experiencing a year-over-year increase of 2.7% in November, according to a Dec. 11 report from the Bureau of Labor Statistics.

Some experts have attributed massive government spending under the Biden-Harris administration to fueling inflation rates. The national debt was at $36.16 trillion as of Tuesday, according to U.S. Treasury Fiscal Data.

A spokesperson for Rand Paul did not immediately respond to a request for comment from the Daily Caller News Foundation.

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armed forces

Canadian military deployed ‘gender advisors’ to Ukraine, Haiti  at taxpayers’ expense

Published on December 24, 2024

By

From LifeSiteNews

By Anthony Murdoch

The Canadian Armed Forces has been pushing a radical LGBT agenda under Prime Minister Justin Trudeau, with the latest example being ‘Task Force Gender Advisors’ deployed in war-hit nations, such as Haiti and Ukraine.

Canada’s military has been actively pushing a woke pro-LGBT agenda on the world stage, with the latest example being its deployment of “task force gender advisors” internationally in war-hit nations, such as Haiti and Ukraine.

The “gender advisors” initiative is noted in the 2024 Departmental Report of the Canadian Armed Forces (CAF). This has resulted in it drawing a sharp rebuke from veterans who wonder why the military is spending money on pushing the LGBT agenda abroad.

The CAF report notes how in Poland, for instance, the “Task Force Gender Advisor was involved in all aspects of this training mission and supported the local Defence Attaché in connecting with local and Ukraine-based non-governmental organizations and interested parties.”

The report noted how the “gender advisor” as well as “gender focal points” were sent to military missions in Eastern Europe, including Ukraine, Poland, and Latvia throughout 2023.

In war-torn Haiti, “intersectional factors (were) being applied towards stabilization and humanitarian efforts,” via an “Operations HORIZON and PROJECTION” initiative.

This initiative is part of the third “National Action Plan on Women, Peace, and Security for 2023-2029.” This is a program that looks to advance pro-LGBT ideology, such as concepts of different “genders,” in all military operations.

Under Prime Minister Justin Trudeau, the CAF, as well as all government departments, have pushed an ever-increasing woke agenda, as well as a host of so-called diversity, equity, and inclusion (DEI) policies in place.

The military’s action plan notes how there are no less than three full-time “gender advisors” who are in the CAF at all levels.

The president of Veterans for Freedom, Andrew MacGillivray, blasted the woke DEI policies, saying the program has morphed into a “useless overbearing policy that has infiltrated every aspect of the Canadian Armed Forces.”

He noted that war-torn nations most likely don’t care “about gender nonsense being pushed by Canada when they are struggling to keep people alive.”

Since Trudeau became PM, the CAF has become increasingly woke and has been forcing LGBT ideology on many of its personnel. It has also seen recruitment plummet to all-time lows.

As reported by LifeSiteNews, earlier this year, Canada’s first “transgender” military chaplain was suspended for alleged sexual harassment, after he reportedly sought to grope a male soldier at the Royal Military College while drunk.

Canada’s military has spent millions of taxpayer dollars on pro-DEI polls, along with guest speakers, presentations, and workshops, as well as LGBT flags. The workshops covered topics including “the gendered nature of security,” while one talk discussed “integrating gender and diversity perspectives.”

In 2021, the defence department revealed that it has two separate committees and eight programs that worked to appoint homosexual advisors to “innovate” religious instruction and gender-neutral uniforms.

In June of 2023, the Canadian military was criticized for “raising the pride flag” in honor of the so-called “2SLGBTQI+ communities.”

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