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The memories of the recent horrific economic statistics are still fresh in our minds. The Statistics Canada figures showed that the country had the worst one-month economic performance since the Great Recession. The economy, instead of growing, contracted 0.6 percent in the month of May alone.
And the Liberal government seems to be beginning to come terms with the fact that the economy is in a state of mess. Apparently, they think that if they don’t take active measures to boost economic growth before the next elections, chances are they’ll end up losing badly. Perhaps this is why they have recruited a team of federal advisors to help breathe life in the dying economy.
The ultimate goal of creating the team of economists is to advise Trudeau’s government. They’re busy in Ottawa to share ideas on how to boost trade, improve infrastructure, encourage innovation, and help the labour market.
These ideas will be then presented to Finance Minister Bill Morneau in Toronto. This is not the first meeting of the team with the Finance Minister. But it seems that, this time around, the recommendations will give the government something to think about as Trudeau is making preparations to head to China for the G20 summit and bilateral talks.
The principle issue, dominating everything else, is the labour market. However, what’s important is that they focus on developing the right approach for creating more jobs and enriching the economy. It’s crucial that we move ahead with the right solution. For instance, the solution to growing the labour force is creating more jobs for the locals, not importing the immigrant workforce from abroad.
But this is not what the economists are thinking. They are, instead, finding ways to boost immigration in Canada. With such an approach, it would be a wonder if the Liberals manage to bring the economy back on track again.