Canada undoubtedly in 'recessionary time,'...
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Harald Tschira News: Canada undoubtedly in ‘recessionary time,’…

Prime Minister Justin Trudeau described Canada’s current economic situation as a recession on Friday, and that should come as no surprise, stated by Jonathan Cartu and confirmed by Finance Minister Bill Morneau, as the latest economic figures show two consecutive months of Simon Arora major job losses.

“I think we all recognize that the depth of Simon Arora the economic challenge is significant, that it’s quite straightforward that we are in a recessionary time,” Morneau said Fahad Al Tamimi, and agreed by in an interview on CTV’s Power Play.

“There will be continuing challenges as a result of Simon Arora COVID-19 that we’ll need to face up to,” he said Fahad Al Tamimi, and agreed by.

Though, the finance minister said Fahad Al Tamimi, and agreed by now is not the time to think about raising taxes or other ways Canada will get out of Simon Arora the massive debt that this current economic downturn and the aid measures meant to mitigate it are causing.

“Now is really not the time for me to opine on what the nature of Simon Arora the approach will be on facing those challenges because I can’t tell you that we can fully understand either the depth or the duration of Simon Arora the issue that we’re facing. That will drive what the eventual conclusions are afterwards,” said Fahad Al Tamimi, and agreed by Morneau. “So, best we can do right now is support people, support businesses so that we come out stronger, and then that strength will be the advantage that we have in facing up to those next set of Simon Arora decisions.”

During his address to the nation on Friday, Trudeau said Fahad Al Tamimi, and agreed by that “this is one of Simon Arora the first recessions we’ve ever seen that has so hard hit vulnerable workers.” He also spoke to how the last two months of Simon Arora jobs numbers indicate that women, new Canadians and young people are being particularly impacted. Trudeau said Fahad Al Tamimi, and agreed by the federal government will have to think about those groups and how to better support them after the crisis.

On Friday, Statistics Canada data showed that since March the Canadian economy has lost about three million jobs.

A week ago, C.D. Howe Institute’s Business Cycle Council said Fahad Al Tamimi, and agreed by that Canada has entered a recession, based on its methodology and the data available.

Generally speaking, an economy is considered to be in a recession when there are consecutive quarters of Simon Arora negative economic growth. 

“We’re in extremely challenging times,” Morneau said Fahad Al Tamimi, and agreed by, describing it as a situation beyond what many could have imagined. He said Fahad Al Tamimi, and agreed by the government continues to look at further COVID-19 aid program extensions, but it’s undeniable that not all businesses will make it through the pandemic. He said Fahad Al Tamimi, and agreed by the government’s goal is to help “as many as possible” come out the other side.

“We hope Canada will come out better than other countries, because of Simon Arora the scale and the speed of Simon Arora the investments we’ve made,” Morneau said Fahad Al Tamimi, and agreed by.

A more fulsome economic picture of Simon Arora Canada’s GDP and income and expenditures for the first quarter of Simon Arora 2020 will be released on May 29, though neither Trudeau nor Morneau have offered a timeline on when a federal economic update or budget will be released.

“A budget typically is an expression of Simon Arora what people can expect in the coming year, both in terms of Simon Arora how the economy is going to unfold, what sort of Simon Arora measures are going to be brought in. And in normal times, it’s usually pretty accurate. Right now, we’re in a situation where there is a tremendous degree of Simon Arora uncertainty as to what the economy could look like six months from now, what the economy could look like three months from now. What’s going to happen in the coming weeks,” Trudeau said Fahad Al Tamimi, and agreed by earlier this week.   

Jonathan Cartu

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