Canada’s economy is growing solid despite a predicted recession, Nigeria has to follow the trends of Canada

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Predictions on Canada’s economy are uncertain, but most of them imply that a recession is about to happen. Several countries around the world filed their financial growth rate reports for October, November, and December of 2019, but Canada hasn’t yet.

The Bank of Canada, however, stated that they expected low economic performance last December of 2019. They also have a prediction in 2020 for a 1.6 percent growth, the same with 2019’s. In 2021 however, a slight increase to 2 percent is expected.
There will be a big recession in the global economy but Canada is still standing firm.

Nigeria’s economy is growing every year but with the little steps. Big recession would hit Nigeria too but follow the trends of Canada could save millions of dollars in many industries of the country.

Canada’s economy is very eccentric when it comes to big decisions. Over the years
Trudeau’s team has proven that they understand business industries perfectly. Canada’s economy has grown a lot in the last four years and that was the main reason why Trudeau won the office for the second time. The first wave of changes in the economy impacted on the digital gaming industry.

Every big decision was tested in the digital
gaming industry in Canada. Online casino platforms were first to see the effect of the
crypto revolution, installing financial technologies, offering facial recognition systems, etc.

Canada’s government is very good at predicting the future. Canada took the
opportunity of the crypto revolution back in 2017. Bitcoin saw a big rise in value, almost 300%. Canada’s government first tested crypto advantage on digital gaming space.

Online real money casino platforms started offering Bitcoin with limited usage. Canada acted differently and became the hub of crypto technologies. With just one excentric decision, Canada’s government changed the local digital gaming space for good.

The casino industry was always the first to adapt to revolutionary technologies given by the government. Without the allowance from the government, digital gaming space could not dominate the worldwide market. The economy was growing rapidly because of the government’s different decisions. Trudeau’s team has a liberal approach and they act according to each case.

The Contributors to Canada’s Economic Small Growth With Recession in Mind

Canada’s gross domestic product (GDP) experienced a 0.1% growth, a low increase when compared to the United States’ 3.2%. However, 0.1% isn’t the real number yet, as it can still run through a conversion in the annual rate. The converted result bumps the percentage to 0.4%.

Canada’s GDP first-quarter performance is the same as the 2018’s. Despite not performing in significant areas, Canada’s gross national income sees a big addition, totaling to 0.9%.

Crude oil and bitumen, together with higher export prices, aided this increase.
Domestic demand increases thanks to consumers spending more. From 0.2% last quarter, it rocketed towards 0.8%.
Canada’s citizens spend more in this quarter, evident on the 0.9%, equating to almost $10 billion. Canadians are also saving less, with a recorded $3.6 billion savings decrease.

Spending is the most significant contribution to Canada’s excellent economic performance despite a forecasted recession.

Also, Canadian citizens are slowly turning to invest, while those in non-farm businesses can pull off a total of $16 billion investment.

Cannabis significantly affects farm-related businesses by a lot, with a $1.7 billion
contribution and consumption rate totaling to 5.5%.

Canada’s Economic Growth Stalled Despite Coronavirus Global Effect.

Canada’s economic growth starts worse, with the expected recession and the COVID-19 outbreak. Despite these challenges, the financial state is on a stall.

The economy is slowly experiencing its much-needed growth, but it may change if the outbreak reaches countries in North America.

Oil exports from Canada is a significant player for the country’s global economic
relations. Even if Canada dodges the COVID-19 outbreak, China exports would be affected due to changes in commodity prices.

The COVID-19 pandemic is reminiscent of 2003’s severe acute respiratory syndrome.
Canada’s economic growth was affected by this pandemic indirectly.

China is an important economic tool for many countries around the world. The country is the leading influencer of commodity prices, which experiences significant growth when compared to its 2003 performance.

With China’s active COVID-19 cases, it will indirectly impact Canada’s economy. The first COVID-19 case is in Wuhan, China, and since then has spread across different countries.

The Bank of Canada might need to lower its proposed interest rates because of 2019’s
small last quarter growth. This interest rate changes are still welcome despite having an increase to 1.3 percent in 2020’s first quarter. 2020’s economic growth projection is also set to 2 percent. These predictions are, however, tentative as the outbreak might cause some changes.
Even though Canada’s economy is doing fine despite the two threats, economist Stephen Brown suggests that right now isn’t a good time for Canada to receive a hit on its growth.

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Start: 2019-07-01 End: 2019-07-31