{"id":161623,"date":"2023-06-29T08:00:00","date_gmt":"2023-06-29T00:00:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=920582"},"modified":"2023-06-29T08:00:00","modified_gmt":"2023-06-29T00:00:00","slug":"as-we-turn-156-no-wonder-the-world-wants-more-canada","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2023\/06\/29\/as-we-turn-156-no-wonder-the-world-wants-more-canada\/","title":{"rendered":"As we turn 156, no wonder the world wants more Canada"},"content":{"rendered":"
\"MediaIntel.Asia\"<\/a><\/div>\n

As Canada Day approaches, there is much to celebrate about a healthy Canadian economy with bright prospects, though the country might not give that impression.
\nCanadians are coping with historically high inflation and interest rates, and shortages of housing and of skills.
\nAnd we are bracing for a long-expected recession.
\nOur peers are afflicted with many of those same challenges.
\nAnd the more important longer-term prospects for Canada are encouraging.
\nCanadian population growth is outpacing that of most industrialized economies, and Canada is posting the most rapid economic growth in the G7 apart from the U.S.
\nSome economists forecast that Canadian GDP growth in 2025 will eclipse that of the U.S., as well.
\nCanada is supposed to be a mature, slow-growth economy, the world\u2019s eighth largest by some measures. But in recent years it hasn\u2019t acted like one.
\nAt about $2.8 trillion in size in 2022, a dynamic Canadian economy has grown by close to 30 per cent in just five years.
\nAnd the economy has diversified as it has grown. That can be seen from a Canadian stock market where tech stocks now account for more than 10 per cent of the total value of the S&P\/TSX Composite Index, almost double the 2015 level.
\nSince early 2021, the S&P\/TSX has outperformed the Bloomberg World Index of global stock markets. For instance, on June 20, one of the most recent comparisons available, the gap was pronounced, at a 13.6 per cent gain for the Canadian market compared with a 4.3 per cent increase in the world average.
\nThe stock market is just one proxy for the economy.
\nAnother is exports, which hit a record $822 billion in 2022\u2019s third quarter.
\nExports are poised for further growth as some of our major trading partners, notably China, fully recover from pandemic economic slowdowns.
\nAnd Canadian exporters still aren\u2019t making full use of the free-trade opportunities available to them from Ottawa\u2019s landmark trade treaties with the European Union and in Asia-Pacific.
\nStill another proxy is the robust health of the Canadian labour market, which has grown steadily through turbulent economic times to its current record 20.1 million workers. The Canadian economy remains at near full employment, for the first time in decades.
\nThe International Monetary Fund (IMF) noted earlier this month that \u201cCanada\u2019s public debt is relatively low in international comparison.\u201d
\nAt a federally forecast 42.4 per cent in fiscal 2022-23, Canada\u2019s debt-to-GDP ratio is expected to remain lower than that of our G7 peers.
\nIn May, Ottawa reported a federal deficit for fiscal 2022-23 of $41.3 billion, down from $90.2 billion in the previous fiscal year.
\nThat sizable drop lends credence to Ottawa\u2019s projection of a federal deficit shrinking from its pandemic high of $327.7 billion in fiscal 2020-21 to $14.0 billion in 2027-28.
\nAnd it\u2019s not just that \u201cthe world needs more Canada.\u201d The world wants more Canada.
\nMany major economies, including China, face population declines in coming years due to low fertility rates and xenophobia.
\nIn 2022, Canada, by contrast, welcomed more than 1 million new Canadians in a single year for the first time.
\nStatistics Canada forecasts that the Canadian population could reach 50 million by 2043 if current trends continue.
\n\u201cUnlike any of his peers in the developed world, (Prime Minister Justin) Trudeau managed to show 40 million fellow citizens the benefits of immigration, evidenced by the economy\u2019s performance,\u201d Matthew Winkler, emeritus editor-in-chief of Bloomberg, recently wrote.
\nAlso increasingly attracted to Canada are foreign investors. In the past two years they have poured tens of billions of dollars into the Canadian tech, auto, mining, agricultural, clean-energy, and other economic sectors.
\nAnd Canadian state investments in 21st-century industries have matched those of last year\u2019s landmark U.S. Inflation Reduction Act (IRA).
\nThose investments, by Ottawa, the provinces, and their business partners at home and abroad, extend beyond the biggest-ticket government investments in electric vehicles (EV) and EV batteries.
\nThey also embrace semiconductors, innovative agricultural methods, breakthrough pharmaceuticals, and decarbonization innovations. For example, in Hamilton and Sault Ste. Marie, steelmakers are using state assistance to experiment with making \u201cgreen steel\u201d from hydrogen rather than coal.
\nTo repeat, the building blocks of greater future prosperity include more of the immigrants who have been building Canada since before Confederation.
\nAnd sound public finances.
\nAnd substantial public and private investment in the technologies and industries that will define the 21st century.
\nThe 156-year Canadian project of creating a more nearly perfect country is a work in progress. In health care, affordable housing, Indigenous reconciliation, closing the gender pay gap and more, there is much work ahead.
\nBest wishes to you all, for an enjoyable Canada Day celebration.
\nSHARE:<\/p>\n

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

As Canada Day approaches, there is much to celebrate about a healthy Canadian economy with bright prospects, though the country might not give that impression.
\nCanadians are coping with historically high inflation and interest rates, and shortages of …<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[692,144,586,477,288,194,843,92,1284,1542],"tags":[6389,10352,2724,2461,10315,10327,10328,3479,10486],"class_list":["post-161623","post","type-post","status-publish","format-standard","hentry","category-canada","category-china","category-economy","category-investment","category-medicine","category-news-chinese-law","category-racism","category-statistics","category-stock-market","category-technology","tag-electric-vehicle","tag-european","tag-exports","tag-immigration","tag-media-intelligence","tag-pacific","tag-pandemic","tag-stocks","tag-trudeau"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/161623"}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=161623"}],"version-history":[{"count":2,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/161623\/revisions"}],"predecessor-version":[{"id":161627,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/161623\/revisions\/161627"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=161623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=161623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=161623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}