Canada economic downfall: Canada is on the brink of a looming recession, with a shadow towering over the horizon like a black storm cloud. It might become a poor country in the next decade. We are not just making foreboding predictions here; we have some reasons to believe our claim. Keep reading to know why we say so.
It seems strange to hear news of an economic downfall or a recession for the most robust economies like Canada. And it is no secret that such news has been circulating in the digital ether for quite some time now. But will this transpire into a reality?
Yes, thanks to the policies of the Trudeau administration, Canada will be a poor country soon.
Even if the winds of change blow through the country and bring Canada a new government, the damage done is such that reversing it seems like a pipe dream.
There are some unstable foundations that support the Trudeau government’s economic growth strategy. First, an extremely expansionary monetary policy was put in place to promote interest rate-sensitive industries like finance, housing, and durable goods demand. Second, a fiscal policy that is fluid and unbound by any long-term pillar. Third, large cities will experience unprecedented levels of immigration, which will accelerate population growth and housing demand.
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From 2007 through 2020, Canada’s real GDP per capita increased by 0.8% per year, placing it 26th out of 38 advanced nations. As awful as that record is, it will only get worse as other nations concentrate on increasing the productivity of their economy, while Canada continues to drive slowly.
According to the Organization for Economic Co-operation and Development, Canada’s GDP per capita is expected to expand by just 0.7% a year between 2020 and 2030, placing it last among developed nations. One would think that Ottawa should be really concerned about this right now. However, the truth is very different. Actually, the Trudeau administration isn’t paying much attention to improving Canadians’ quality of life.
Moreover, the approaching crisis was exacerbated by the government’s loose fiscal policies, which had permitted irresponsible spending without justification. Under the weight of its own excesses, the unsustainable housing sector that had been supported by artificially low-interest rates and weak lending requirements is now starting to collapse.
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The enormous number of immigrants that had been permitted into the country was another element that contributed to the economic downfall of Canada. Many people had thought that the flood of new labour would help to boost the economy, but in actuality, it had simply increased the burden on infrastructure and public services, worsening the Canada economic downfall.
Despite the rising labor force, productivity remained stubbornly low in Canada since employees didn’t seem to have the passion or drive to be successful in their jobs. Many people were satisfied to merely go through the motions rather than aiming for perfection, as a general apathy towards work had taken hold. This can also be attributed to the liberal government’s woke agenda. Extreme wokeism seems to have paralyzed a large portion of Canadian society. While adapting to a woke lifestyle, these young Canadians have embraced several other values but abandoned the desire to work and be productive.
The nation’s problems were made worse by the fact that the “green energy madness” that was taking over the world was causing it to lose its once-proud advantage.
The country is facing a challenging and unknown future, and the road ahead would be long and painful. Time will tell, but one thing is certain. Canada is doomed.
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