Manitoba’s economic growth depends on U.S. trade

But U.S. protectionism is still a threat

Manitoba’s economic growth depends on U.S. tradeTrade is essential for Manitoba’s economy. International exports and imports represented 46.4 per cent of its gross domestic product in 2018. With a significant goods-related industry estimated at 26.9 per cent of GDP in 2019, Manitoba needs strong trading partners to help develop its economy. In 2019, 30.6 per cent of its exports were resource-based…

Canada’s crippled tourism industry must be revived

Impact of COVID on tourism greater than 9/11, SARS, '08 economic crisis combined

Canada’s crippled tourism industry must be revivedThe COVID-19 crisis led to significant travel restrictions around the world. Canada has totally or partially closed its borders to tourists and non-essential travellers. Travel between provinces has also been restricted. Provinces such as New Brunswick, Prince Edward Island, Newfoundland and Labrador banned non-essential travel or all travel between provinces. And we were told not…

Can Canada establish profitable trade links with South American bloc?

Taking a neutral position can give Canada an advantage. But government will have to be pragmatic

Can Canada establish profitable trade links with South American bloc?In November 2018, Canada and Mercosur opened free-trade negotiations. Any such deal represents great potential for Canada – but there are concerns. Mercosur – Argentina, Brazil, Paraguay and Uruguay – is a bloc with a gross domestic product of over $3 trillion and a population of 261 million in 2019. That compares to the GDP of…

COVID-19 has driven governments into debt traps

Printing money to address short-term needs will lead to inflation and dampen any potential economic recovery

COVID-19 has driven governments into debt trapsThe financial consequences of COVID-19 and the shutdown of economies are difficult to evaluate. But some of those consequences have begun to appear and could hinder economic recovery. Inflation is one of these harmful consequences. In the United States, consumer prices jumped 4.2 per cent in the 12 months through to April, up from 2.6…

Why Canada’s latest deal with the U.S. creates trade barriers

Canada must be aware that protectionism has returned which makes international trade complicated

Why Canada’s latest deal with the U.S. creates trade barriersCanada faces new pressures on any attempts to ramp up international trade. In 1994, the United States, Mexico and Canada created a free-trade region with the North American Free Trade Agreement (NAFTA). Considering that the U.S. has been the largest economy in the world from 1994 to now, NAFTA was a true asset for the…

How the Western world failed in the face of the COVID-19 crisis

Bureaucracy was a significant obstacle to effective action

How the Western world failed in the face of the COVID-19 crisisThe COVID-19 pandemic has taken countries, governments and people by surprise. Most of us weren’t prepared to face this crisis. Most Western countries initially refused to panic and wanted to manage the situation like other illnesses such as the flu. But the outbreaks in hospitals and other medical facilities in most countries led to true…

Weighing the success of the various vaccine rollout strategies

Decentralization of supply management led to better results

Weighing the success of the various vaccine rollout strategiesVaccines are seen as the key to ending the COVID-19 crisis. But creating a vaccine is one thing; having enough of it for the population is another. Here comes the problem of supply management. From the beginning of the crisis, many pharmacy laboratories worldwide tried to develop a vaccine against the virus. Some of them…

The lessons we’ve learned from COVID-19 crisis management

We need to cut red tape so we can respond efficiently during times of crisis

The lessons we’ve learned from COVID-19 crisis managementThe pandemic took many countries – governments and their citizens – by surprise. Many weren’t prepared to face such a crisis. Initially, most Western countries refused to panic and wanted to manage the situation like another flu epidemic. But the outbreaks in hospitals and other medical facilities in many countries led to chaos, forcing governments…

Prairie provinces debt levels a ticking time bomb

An economic burden for future generations

Prairie provinces debt levels a ticking time bombThe debt in Canada’s Prairie provinces has grown colossally during the COVID-19 pandemic, just as debt has in the rest of Canada and around the world. At the end of 2020, Alberta’s debt was estimated at $98 billion, Manitoba’s was $28.6 billion and Saskatchewan’s was $15 billion. These debts are an economic burden for the taxpayers…

Canada-U.K. trade links more important than ever

Brexit can also be an opportunity for members of the Commonwealth to strengthen their trade, social and military ties

Canada-U.K. trade links more important than everBrexit has allowed the United Kingdom to establish an independent trade policy outside the expectations of the European Union. European law and treaties signed by the EU no longer apply to the U.K. Accordingly, the British government signed the Trade Continuity Agreement with Canada. The agreement, which took effect on April 1, maintains the intent…

Working from home may revolutionize businesses

And lead to a reshaping of communities

Working from home may revolutionize businessesStay-at-home orders related to COVID-19 have changed working habits. The mandatory work-at-home advice for office jobs has created a debate about work after the health crisis. Will we continue to work at home or will we return to the office? Some have stated that people who work from home must have lower pay. The research team…

Prairie provinces must put an end to rising debt

The current turmoil could weaken budgetary discipline, leading governments into long-term spending and increased debt

Prairie provinces must put an end to rising debtAt the end of 2020, Alberta’s debt was estimated at $98 billion, Manitoba’s was $28.6 billion and Saskatchewan’s stood at $15 billion. These debts are lower than Quebec’s ($220 billion) and Ontario’s ($448.9 billion), but there are concerns about their sustainability. Indeed, they’re a long-term burden for the governments, the taxpayers and the economy. Debt growth…

Why vaccine passports are a dangerous idea

Vaccine passports violate freedom-of-movement rights. And it would let authorities know people’s habits, a violation of privacy

Why vaccine passports are a dangerous ideaSince the COVID-19 pandemic began, many countries have imposed restrictions. Vaccine passports are the latest and perhaps most dangerous of these restrictions. The rest of the world imported the lockdown strategy first used in China, restricting businesses classified as non-essential. Vaccination has been presented as a way to return to pre-COVID-19 times, but it has…

Modern monetary theory threatens to weaken economic progress

MMT leads to more government control over the economy and turns central banks into a political tool

Modern monetary theory threatens to weaken economic progressPublic debt is not a problem, suggests the big idea behind modern monetary theory (MMT). That’s a faulty and dangerous assumption. The current economic crisis has allowed MMT to gain influence among the political class. Among the people who developed United States President Joe Biden’s economic program is Stephanie Kelton, a former economic adviser to…

Universal basic income has been tested and failed

Finland acknowledged its two-year experiment a total failure

Universal basic income has been tested and failedThe COVID-19 crisis has brought back to the forefront the idea of a universal basic income or guaranteed annual income. It’s an idea that should be abandoned. In response to the economic crisis caused by the COVID-19 restrictions, the Canadian government has implemented the Canada Emergency Response Benefit (CERB). Eligible people receive $2,000 for a…

Wealth taxes cripple economic growth

Blocks entrepreneurship, economic growth and jobs

Wealth taxes cripple economic growthThe introduction of a wealth tax in Canada is a recurring subject that has drawn new interest during the current COVID-19 crisis. It’s a temptation best ignored. In the 2020 throne speech, Prime Minister Justin Trudeau said, “The government will also identify additional ways to tax extreme wealth inequality,” arguing that it will help the…

The dawning of a new trade era in the United States

If Trump was isolationist, Biden will be more open to diplomacy and exchange with America’s allies

The dawning of a new trade era in the United StatesWith the return of the Democrats to the White House, there will be changes in United States foreign policy. Canada, as the third largest U.S. trade partner, will be impacted. The presidency of Republican Donald Trump was characterized by strong protectionism. It featured a renegotiation of NAFTA (North American Free Trade Agreement), which led to…

Prairie provinces can thrive with greater Asian trade

With the COVID-19 recession and the expansion of Chinese influence, it’s urgent that Canada take the initiative and position itself in new markets

Prairie provinces can thrive with greater Asian tradeIn November, China and 14 Asia-Pacific countries including Japan and South Korea signed a free-trade deal covering 2.2 billion people and nearly 30 per cent of international trade. This Regional Comprehensive Economic Partnership shows that the Pacific region continues to reinforce its place as the world’s leading trade hub. Canada and, more precisely, the Prairie…

Nuclear industry could boost Canada

A real game-changer for the energy economy, and the environment

Nuclear industry could boost CanadaThe COVID-19 crisis has dominated most recent media coverage but environmental concerns remain. Friday for Future, the movement launched by Greta Thunberg, has come back to protest the federal government’s inaction on earlier green promises such as curbing greenhouse gas emissions. More and more, we’re seeing green activists fighting against industry and energy consumption. But…