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A boost for Laval, a key player in Quebec's economy Français – Canada NewsWire

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Minister Mélanie Joly announces close to $2.5M in Government of Canada support for Laval businesses and organizations to advance technological development.

LAVAL, QC, Sept. 3, 2020 /CNW Telbec/ – Canada Economic Development for Quebec Regions (CED)

Quebec’s future and economic recovery depend on the vigour of homegrown businesses and organizations. For several years now, the Government of Canada has set itself the mandate to support them, ultimately to benefit of citizens.

The Minister of Economic Development and Official Languages, the Honourable Mélanie Joly, today announced financial assistance totalling $2,444,286. This support will enable the entrepreneurial ecosystem to grow and recipients to effectively kickstart their activities despite the impacts the health crisis may have had on them.

Support for Chambre de commerce et d’industrie de Laval in accompanying SMEs affected by COVID-19

The repercussions the health crisis is having on the Laval economy are significant, and some regional organizations need assistance to structure their operations, manage cashflow and adapt to the COVID-19 situation to pursue their activities.

That is why CED is granting a non-repayable contribution of $544,660 to the Chambre de commerce et d’industrie de Laval. This will enable the organization to offer technical assistance services to businesses and NPOs affected by the economic impacts of COVID-19 so they can benefit from the expertise and accompaniment of specialized resources. This will ensure they are better positioned for the economic recovery.

Fostering innovation to strengthen Greater Montréal economy

The Greater Montréal region is home to thousands of entrepreneurs with innovative ideas and dynamic organizations helping to boost the vitality of their community by creating quality jobs and enhancing the regional economic fabric.

It is with this in mind that CED is working in synergy with Quebec’s business incubators and accelerators to leverage innovation to grow the Quebec economy. These incubators and accelerators offer critical support for young innovative businesses with strong growth potential (start-ups) at all stages of their existence and are hot beds for talent and innovation. This is especially the case with the Centre québécois d’innovation en biotechnologie (CBIQ) and the Campus des technologies de la santé (CTS), which are receiving a non-repayable contribution of $1.5 million. The CBIQ and CTS will establish the MEDx program to support and accelerate the development of start-ups in the field of health care technologies.

CED is also supporting Laval businesses Group Elite Communications and SynergX Technologies with up to $399,626 to enable them to enhance their productivity and market their innovative solutions internationally.

Additional information on the projects is provided in a related backgrounder.

Quotes

“Homegrown businesses, regardless of their size, are key to kick-starting our economy. Helping them innovate so they can enhance their competitiveness and create jobs for Quebecers is thus at the heart of our priorities. With today’s announcement, our message is clear: we are here for Quebec with concrete measures and we are working with homegrown businesses to create jobs for Quebecers and rebuild a stronger economy.”

The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED

“While the current pandemic is having major repercussions at various levels, we will fight fiercely, including for the Laval region’s economic development, so that our residents can continue to work and ensure their family’s financial security.”

Fayçal El-Khoury, Member of Parliament for Laval—Les Îles

“The economy is recovering, and we are supporting our homegrown entrepreneurs as they demonstrate dynamism, innovation and resilience. In this way, we are helping them kick-start our local economy now more than ever, thereby fostering the economic development of our community as well as the prosperity of Laval residents.”

Angelo Iacono, Member of Parliament for Alfred-Pellan

“As Member of Parliament for Vimy, I would like to thank Minister Joly for her commitment to Laval’s economic development. I am proud to play a part and to see businesses in our region take flight.”

Annie Koutrakis, Member of Parliament for Vimy

“Since being elected in 2015, I have been proud to advance the economic development of my region, and I reiterate my support for our government, which is offering essential assistance and a more prosperous future for Laval businesses.”

Yves Robillard, Member of Parliament for Marc-Aurèle-Fortin

Quick facts

  • The Honourable Mélanie Joly is the minister responsible for the six regional development agencies (RDAs), including CED.
  • CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED is accompanying businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
  • The repayable contributions for the two SMEs and the non-repayable contribution for the Centre québécois d’innovation en biotechnologie are being granted under the Regional Economic Growth through Innovation (REGI) program, which aims to help Quebec SMEs to develop through innovation, among other things.
  • The non-repayable contribution for the Chambre de commerce et d’industrie de Laval is being granted through the Regional Relief and Recovery Fund (RRRF). With a total budget of close to $1 billion, the RRRF will dedicate $211 million to supporting Quebec businesses and NPOs. Through this initiative, emergency funds to cover cashflow needs as well as technical assistance are being offered to Quebec businesses and NPOs.

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SOURCE Canada Economic Development for Quebec Regions

For further information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Alexander Cohen, Press Secretary, Office of the Minister of Economic Development and Official Languages, [email protected]

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Economy

US economy plunges 31.4% in spring but big rebound expected – BNN

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WASHINGTON — The U.S. economy plunged at a record rate in the spring but is poised to swing to a record increase in the quarter that is just ending.

The Commerce Department reported Wednesday that the gross domestic product, the economy’s total output of goods and services, fell at a rate of 31.4 per cent in the April-June quarter, only slightly changed from the 31.7 per cent drop estimated one month ago.

The new report, the government’s last look at the second quarter, showed a decline that was more than three times larger than the previous record-holder, a fall of 10 per cent in the first quarter of 1958 when Dwight Eisenhower was president.

Economists believe the economy will expand at an annual rate of 30 per cent in the current quarter as businesses have re-opened and millions of people have gone back to work. That would shatter the old record for a quarterly GDP increase, a 16.7 per cent surge in the first quarter of 1950 when Harry Truman was president.

The government will not release its July-September GDP report until Oct. 29, just five days before the presidential election.

While President Donald Trump is counting on an economic rebound to convince voters to give him a second term, economists said any such bounce back this year is a longshot.

Economists are forecasting that growth will slow significantly in the final three months of this year to a rate of around 4 per cent and could actually topple back into a recession if Congress fails to pass another stimulus measure or if there is a resurgence of COVID-19. There are upticks in infections occurring right now in some regions of the country, including New York.

“There are a lot of potential pitfalls out there,” said Gus Faucher, chief economist at PNC Financial Services. “We are still dealing with a number of significant reductions because of the pandemic.”

He said in addition to the possibility that Congress will not pass further stimulus support because of the sharp split between Democrats and Republicans over how much more is needed, there are other threats in the form of uncertainty over the upcoming election.

“All this political uncertainty has the potential to weigh on economic growth,” Faucher said.

The Trump administration says that solid growth in coming quarters that will restore all of the output lost by the pandemic.

So far this year, the economy fell at a 5 per cent rate in the first quarter, signalling an end to a nearly 11-year-long economic expansion, the longest in U.S. history. That drop was followed by the second quarter decline of 31.4 per cent, which was initially estimated two months ago as a drop of 32.9 per cent, and then revised to 31.7 per cent last month.

The slight upward revision in this report reflected less of a plunge in consumer spending than had been estimated. It was still a record fall at a rate of 33.2 per cent, but last month projections were for a decline of 34.1 per cent. This improvement was offset somewhat by downward revisions to exports and to business investment.

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U.K. economy slump not as bad as feared but still a record – CTV News

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LONDON —
The British economy did not contract as much as originally thought during the second quarter of the year when coronavirus lockdown measures were at their most intense — though the slump remained the worst on record and the biggest of all major economies.

The Office for National Statistics said Wednesday that the British economy contracted by 19.8% in the April to June quarter from the previous three-month period, slightly less than its previous estimate of 20.4%.

However, it said the British economy contracted by more than previously thought during the first quarter, when the virus started to affect business activity before the full restrictions on businesses were introduced on March 23. It now estimates that the economy shrank by 2.5% in the first quarter, against 2.2% previously.

“It is clear that the U.K. is in the largest recession on record,” the statistics agency said. “The latest estimates show that the U.K. economy is now 21.8% smaller than it was at the end of 2019, highlighting the unprecedented size of this contraction.”

That contraction is greater than those recorded by the other Group of Seven major advanced economies and more or less double the contractions seen in the United States and Germany.

Since May, when lockdown measures started to be eased, the British economy has managed to eke out three months of growth, which has helped it recoup around half of the output lost. However, with the virus spreading in the community once again and some lockdown measures re-imposed, there are worries that the British economy could start shrinking again.

Further risks relate to the lack of progress in post-Brexit trade discussions with the European Union. Though the U.K. left the bloc on Jan. 31, it is in a transition period that effectively sees it benefit from tariff-free trade until the end of this year. The discussions are about agreeing on the broad outlines of the trading relationship from the start of 2021.

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UK economy slump not as bad as feared but still a record – 570 News

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LONDON — The British economy did not contract as much as originally thought during the second quarter of the year when coronavirus lockdown measures were at their most intense — though the slump remained the worst on record and the biggest of all major economies.

The Office for National Statistics said Wednesday that the British economy contracted by 19.8% in the April to June quarter from the previous three-month period, slightly less than its previous estimate of 20.4%.

However, it said the British economy contracted by more than previously thought during the first quarter, when the virus started to affect business activity before the full restrictions on businesses were introduced on March 23. It now estimates that the economy shrank by 2.5% in the first quarter, against 2.2% previously.

“It is clear that the U.K. is in the largest recession on record,” the statistics agency said. “The latest estimates show that the U.K. economy is now 21.8% smaller than it was at the end of 2019, highlighting the unprecedented size of this contraction.”

That contraction is greater than those recorded by the other Group of Seven major advanced economies and more or less double the contractions seen in the United States and Germany.

Since May, when lockdown measures started to be eased, the British economy has managed to eke out three months of growth, which has helped it recoup around half of the output lost. However, with the virus spreading in the community once again and some lockdown measures re-imposed, there are worries that the British economy could start shrinking again.

Further risks relate to the lack of progress in post-Brexit trade discussions with the European Union. Though the U.K. left the bloc on Jan. 31, it is in a transition period that effectively sees it benefit from tariff-free trade until the end of this year. The discussions are about agreeing on the broad outlines of the trading relationship from the start of 2021.

The Associated Press

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