Darpan News Desk The Canadian Press, 01 Sep, 2023 11:01 AM
The latest G-D-P report showing the economy contracted at an annualized rate of 0.2 per cent in the second quarter may signal an end to the Bank of Canada's rate hiking campaign.
Economist Tu Nguyen (WIN) at R-S-M Canada says the cooling economy should be enough evidence for the central bank to forgo further rate hikes unless there is another major external shock that sends inflation upward.
She says this is the first time since the early days of the pandemic that spending on services did not grow, which is a powerful sign of a cooling economy.
The bridge linking Windsor, Ont., and Detroit remained closed to vehicles headed into Canada due to the protest that continued on the Canadian side of the border.
Joël Lightbound told reporters in Ottawa today that federal COVID-19 measures, such as vaccination mandates for travellers and civil servants, need to be re-evaluated and the public needs a clear road map for when restrictions will be fully lifted.
The premier announced last week that such a plan was coming and that the first step would be ending Alberta's vaccine passports to access non-essential businesses such as restaurants and bars.
The throne speech comes two weeks ahead of the government's budget, which is expected to include a financial accounting of last fall's floods and mudslides that devastated communities, farms and highways throughout southern B.C.
Ravi Kahlon, the minister of jobs, economic recovery and innovation, said eight out of every 10 new openings in the next decade will require post-secondary education or skills training, which points to where the economy is headed and what is needed to get ready.
Kevin Falcon, who was elected party leader on Saturday, said Andrew Wilkinson has decided to resign his seat in Vancouver-Quilchena, clearing a possible path to the legislature.
