How is the economy now in Canada with the low price of Oil?
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Location: God's own country
Posted on: 14-01-15 07:35:34
After 4 years out of Canada, how is the Canadian economy doing now?
Canada exports Oil and other natural minerals for its subsistance. Now with Oil at $ 45 a barrel, it will no doubt bring relief to the local consumers but its export revenue will be very less now.
With China growth slowing down, the mood of the world economy is grim. Even in 2011, Canada was doing badly (with the oil at $ 110).
So how is the mood now. How is the situation in Alberta as Sask where the economy depends on oil and natural resources export? How is job creation doing in Ontario?
How? How? How?
Murali The Krishna
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I am a Gents and not a Ladies.
Mood is very GOOD and people are getting more and more vibrant to improve economic conditions.
Of Course Oil is one factor and Economies like Alberta definitely don't like oil falling, however it will be taken care.
Would be bad to Canada...
Our major importer will stop buying as their local supply expands, brings the additional cost of finding buyer away.
Interest rate is going to stay low longer, again fueling the real estate in the fictious utopia..
Lower dollar is sort of encouraging the exporters though, I guess it is sort of having 65 (bad) - 35% (good) influence, doesn't look all bad.. but bad.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
That is good. Canada will learn how not to depend on one thing and explore new ways, new markets more aggressively.
Quote:
Originally posted by Gurram
That is good. Canada will learn how not to depend on one thing and explore new ways, new markets more aggressively.
I think they are diversifying, but at the same time relied upon oil for quite longer. Good opportunity now, I would say.
In BC when the 2008 recession hit hard the lumber and resource industry as majority of their export was to US, they found alternate Asian markets for their export. So, not only are they exporting to US, but their Business with Asian giants is growing in leap and bounds now.
With oil hitting low, I see it as an opportunity for Canada rather than the loss. There always be a workaround in the offing.
Location: God's own country
Posted on: 15-01-15 03:19:58
I had a chance to read some more documents after I posted the OP.
Bank of Canada has said that budget surplus (for this year) will be fully wiped out and that it may not be able to balance the books that it said that it promised to do in 2015.
It is not easy to start or stop a project suddenly after so much investmet has been done / or when it has to be done. So the switch will take some time which will be a pain to some Canadians.
Let us see how it plays out.
Je Suis Canada !
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I am a Gents and not a Ladies.
Though the price of crude has kept falling down wards, the prices at the pumps have not dropped in tandem. So, they are squeezing us both ways. Price of Gas is 65.9c/l in Edmonton. Here it is 76.9 and in some areas it is still 88cents/l .
Money is pouring into Canada to get a few of the ancillary Industries rolling. The Taxes are pretty low. The skilled labour is cheap. The Banks are strong. With all of the hullabaloo about the economy they are predicting the housing prices are going to move upwards by 4.4% in 2015 in Toronto and 2.1% in B.C. No one can stop the momentum that it has picked up for the past Five Years. And there are no Brakes.
GM is bringing in their Hybrid production into Canada, now that the price of Gas is going to hit the bottom and they say it will stay there for a minimum of Six months, or may be more.
These are all the Happy Days and though uncertain as the BIG Economists say, the doom and gloom scenery is cast aside and the people are spending as if they own a printing press. (Printing their own money)
U.S. generated THREE Million Jobs in the past SIX years. The Ontario government is hoping that some of it will rub onto them and the boom will spread to this Province too. The three hard hit ones are Alberta, Saskatchewan and New Foundland, whose economy is based on Oil. You will see the big move into Ontario from all sides, as the jobs dry out there.
The Federal Finance Minister today said that they will SURELY Balance the books. There will be some cuts, he said. Will have to wait and see how they are going to balance the books. I am sure they will cook them, as it is the Election year. Harper says they will cut taxes for every one. I want to see by how much? Plus we all will be paying a very high price for the Gas, for a long long time, till they squeeze the day light out of all of us. Cagey jugglers.(Baskets)
Hope they prove me wrong.
FH.
