adplus-dvertising
Connect with us

Economy

Canada’s economy won’t recover unless marginalized groups, women helped too: report – Globalnews.ca

Published

 on


Canadians cannot expect the economy to fully recover from COVID-19 without helping those most affected by the downturn — including women, people of colour, and the LGBTQ+ community, a new report says.

Released Tuesday, “A Feminist Economic Recovery Plan for Canada: Making the economy work for everyone,” was co-written by the Institute for Gender and the Economy at University of Toronto’s Rotman School of Management and YWCA Canada.

“If we look at the impact from a health and economic standpoint, it is disproportionately, on those with intersecting identities. You wouldn’t be able to have an economic recovery without paying attention to who is impacted and why,” said Sarah Kaplan, an executive lead on the report and professor of strategic management at Rotman.

Read more:
Provinces eye hybrid school reopening model, leaving some parents struggling

Story continues below advertisement

“We actually won’t get economic recovery if we don’t get to things that are holding women back.”

In the midst of the pandemic, the employment rate declined twice as much for Canadian women in the 25 to 54 age range compared with men. The report also says that Black, racialized and immigrant women are much more likely to be personal support workers, cleaners, and work in other “essential but low-paid occupations” that lack paid sick days or family leave policies.

While more data on race and gender identity is needed due to lack of availability, the report also notes that many essential workers are unprotected from the effects of COVID-19, because they are migrant workers or work in the gig economy.

“COVID-19 has not been the great equalizer, it has been the great revealer of existing inequalities,” says Kaplan, noting statistics showing that women are primary caregivers for elders, and kids who are out of school.






2:53
Coronavirus outbreak: Company found by Black women doctors brings free COVID-19 testing to marginalized communities


Coronavirus outbreak: Company found by Black women doctors brings free COVID-19 testing to marginalized communities

The report asks governments at all levels, as well as businesses and charities, to consider eight policy goals that address systemic racism, emphasize good jobs, protect victims of domestic violence, improve funding for small businesses, and promote diversity in the decision-making process.

Story continues below advertisement

Some of the specific policy recommendations focus on the childcare industry, such as increasing wages for child care workers and creating an expedited path to permanent residency for migrant child care workers to create “greater incentives for workers in care-economy based sectors such as child care and elder care.”

Other suggestions call for updates to legislation, such as adding at least 14 paid sick days and paid family leave for all workers, lowering the eligibility requirement for employment insurance to 360 hours and raising the benefit rate to 75 per cent of earnings.

“The COVID-19 pandemic has uncovered the significant divide between people who have ‘good jobs’ — those who have been able to maintain a secure income and remain healthy_and those who do not,” the report said.

Read more:
Bars and nightclubs will be breeding grounds for COVID-19: experts

Some of the recommendations also touch on long-term problems, such as homelessness and anti-Black and anti-Indigenous racism, that existed before the pandemic.

“Many people long to ‘get back to normal,’ but the pandemic has made clear that the old ‘normal’ was not good for everyone,” the report said.

Kaplan says that it’s important to include these issues in the report because it uses a definition of “feminism” that focuses on eliminating inequities for everyone.

Story continues below advertisement

“You cannot talk about issues that impact women without (talking about) race or disability … a lot of the people who were most likely to lose their jobs were women or women of colour,” said Kaplan, giving the example of staff in long-term care homes, many of whom have had to work multiple jobs due to low pay, increasing the risk of contracting and spreading COVID-19.






2:54
Coronavirus: B.C. youth and female workers hardest hit amid COVID-19 pandemic, finance minister says


Coronavirus: B.C. youth and female workers hardest hit amid COVID-19 pandemic, finance minister says

“With economic plans, we think about investing in infrastructure. Now we need to invest in social infrastructure, to improve lives for women who work in those services.”

The report asks lawmakers to pick up the pace of the National Housing Strategy to build 125,000 units of affordable housing, with a 33 per cent carve-out for gender-focused investments. Kaplan points out that lack of access to clean water and reliable internet in many parts of Canada — two policy issues discussed in the report — have hampered plans for caregivers to school children from home, or for companies hoping to keep diverse workforces employed remotely.

Story continues below advertisement

The authors of the report suggest that the rebuilding plan could focus on “building a strong safety net” that “protects us all,” likening the pandemic to the Great Depression and World Wars.

“A paradigm shift is afoot. A broader range of people across Canada are now seeing the importance of feminized and racialized labour for our health and well-being — where women, especially women of colour and recent immigrants, are leading the response to a major health crisis and preventing further economic and social fallout,” the report said.

© 2020 The Canadian Press

Let’s block ads! (Why?)

728x90x4

Source link

Continue Reading

Economy

Trump’s victory sparks concerns over ripple effect on Canadian economy

Published

 on

 

As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

Published

 on

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

How will the U.S. election impact the Canadian economy? – BNN Bloomberg

Published

 on


[unable to retrieve full-text content]

How will the U.S. election impact the Canadian economy?  BNN Bloomberg

728x90x4

Source link

Continue Reading

Trending