The eurozone economy of 19 European Union countries barely grew at all in the final quarter of last year.
A first official estimate puts economic growth in the region at 0.1% during the three months to the end of December 2019.
Two of the eurozone’s largest economies shrank in the period: France by 0.1% and Italy by 0.3%.
However, the jobs market was in better shape, with the number of people unemployed falling by 34,000.
No separate figures for Germany have been published yet. But Claus Vistesen of Pantheon Macro says that on the basis of the data released so far, growth in Europe’s largest economy was about 0.2%.
Among those that have published their own national data, Spain is the strongest, continuing the pattern of a relatively robust rebound after its financial crisis.
But the overall picture is downbeat.
In France, the decline reflected companies selling from their stocks of goods, rather than producing new ones, and also a fall in exports.
Trade tensions and the impact they have had on exports have been a recurrent problem, dampening economic performance in a number of countries, notably Germany, since US President Donald Trump took office. Strikes and protests over pension reform were also a factor in France.
Italy’s decline in economic activity also partly reflected stocks being run down.
The eurozone has been supported ever since the regional financial crisis by the policies of the European Central Bank (ECB).
It has very low interest rates, one of which is currently below zero, and for much of the time, has pursued a policy of quantitative easing, buying financial assets with newly created money.
The weak growth figures suggest the end of those unusual policies is still some way off.
The ECB has a target of inflation below, but close to, 2%, and one of the reasons it has maintained such low interest rates has been because it considers inflation has been too low.
Other figures just published show the headline inflation rate rose slightly in January to 1.4%. But the underlying rate, which excludes volatile energy and food prices, slipped to 1.1%.
The more encouraging news was a decline in unemployment. At 7.4%, it is the lowest since May 2008.
There are some very wide variations between countries. But even those with the highest unemployment rates – notably Greece and Spain – have seen huge falls since the eurozone crisis was at its height.
B.C.’s economy forecast to remain steady, despite slower near-term economic growth | BC Gov News – BC Gov News
Like other jurisdictions, B.C. is expected to see slower economic growth through 2023 because of global inflation and higher interest rates, before steady growth resumes in the medium term, according to projections from private-sector forecasters.
Each year, B.C.’s finance minister meets with the Economic Forecast Council (EFC), a 13-member council of private-sector forecasters from throughout Canada, in preparation for the next year’s budget. This is the second year that an additional set of discussions was added, providing an opportunity to consult with an Environmental, Social and Governance (ESG) Advisory Council to explore how the provincial government can continue to build a more inclusive, sustainable economy and support well-being in British Columbia.
The EFC anticipates the province’s economy will grow by 2.9% in 2022 and 0.4% in 2023; slower than their January 2022 forecasts of 4.2% and 2.7%, respectively. The updated figures are similar to what was presented in the Province’s Second Quarterly Report. Real gross domestic product (GDP) growth is then expected to pick up, with an increase of 1.6% in 2024, followed by gains of 2.3%, 2.3% and 2.1% in 2025, 2026 and 2027, respectively. The reduction in the near-term outlook is consistent with other jurisdictions and reflects persistent global inflation and interest rates rising higher and more rapidly than expected throughout Canada.
“We’re entering this period of slower growth and challenging global economic times in a strong position to continue supporting people, because B.C.’s economy grew more than most last year,” said Selina Robinson, Minister of Finance. “We’ll use the resources we have to address the issues that matter most to people, including housing, health care and building a sustainable economy that works for everyone – but no matter what is on the horizon and no matter what the numbers show, this government will continue to be here to support people.”
Discussions with the EFC and the ESG Advisory Council focused on current events, issues affecting B.C.’s economy and the environmental, social and governance opportunities and challenges facing the province. Topics at the meetings included:
- global inflation and monetary policy impacts;
- government policies to stimulate investment and ensure shared prosperity;
- socioeconomic factors in B.C., such as inequality, Indigenous partnerships, and well-being;
- environment, climate change and the transition to a lower carbon economy;
- housing affordability and supply;
- labour market dynamics and immigration; and
- opportunities for businesses to build on B.C.’s strong ESG profile.
“We are committed to building an inclusive economy, where environmental and social sustainability is the basis for future growth,” said Robinson. “A strong social, cultural and economic foundation is key to successful and resilient communities. We know this, and we know generations will benefit from the decisions we make right now.”
Forecasts and feedback from the two councils will be used to inform the next provincial budget, which will be released on Feb. 28, 2023. EFC members will also have an opportunity to submit revised forecasts in early January.
- In the Province’s Second Quarterly Report, B.C. projected a revised operating surplus of $5.7 billion in the 2022-23 fiscal year.
- Since the summer, B.C. has rolled out approximately $2 billion in affordability measures.
- Environmental, Social and Governance are three main categories often discussed when evaluating sustainability performance, risk-mitigation planning and societal well-being.
To read B.C.’s Second Quarterly Report, visit: https://www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports
For information about new and existing support measures for B.C. residents, visit: https://strongerbc.gov.bc.ca/cost-of-living/
For more about the StrongerBC Economic Plan, visit: https://strongerbc.gov.bc.ca/plan/
To learn about the ways B.C. is committed to environmental, social and governance principles, read the ESG summary report here: https://www2.gov.bc.ca/assets/gov/british-columbians-our-governments/government-finances/debt-management/bc-esg-report.pdf
A Look At Canada’s Growing Economy
Canada has one of the largest economies in the world, and the country’s largest industries include real estate, oil, and gas extraction, manufacturing, and mining. By GDP, Canada has the ninth-largest economy in the world. In 2020, Canada’s annual GDP was $1.64 trillion, and roughly one-third of GDP comes from Canada’s import and export of goods and services.
The Canada Special
Canada is home to many big-name brands. E-commerce giant Shopify is headquartered in the country, and central banks like the Royal Bank of Canada (RBC) operate within the country’s financial sector. RBC is regarded as one of the largest banks in Canada and the world. We recently saw HSBC Group agree to sell HSBC Canada to RBC. According to the CEO of HSBC Group, the company considered HSBC Canada’s strategic fit and ultimately found an upside in selling the business. RBC is reportedly buying HSBC Canada for $13.5 billion, which is expected to close in late 2023.
RBC’s top executive sees its planned purchase of HSBC Canada as a “once-in-a-generation” chance for the bank to expand its lead in the country’s heavily concentrated financial market https://t.co/IVTyKnu9bt
— Bloomberg Markets (@markets) November 30, 2022
Growing Canadian Markets
Canada’s economy is constantly growing, too. RBC’s acquisition of HSBC Canada demonstrates this, but many other industries have taken off in the country over the years. One of the fastest-growing industries in 2022 is iGaming. iGaming refers to any online betting, such as online casino games and sports betting. This growth reflects a worldwide trend, where the global iGaming market is projected to grow to $114 billion by 2028.
In particular, Ontario’s iGaming market is leading the way in Canada. Total iGaming revenue in the second quarter of 2022 in Ontario’s iGaming market reached $267 million, up from the $162 million recorded in the first quarter of 2022. Likewise, total wagers, active player accounts, and average monthly spend per active player account increased in Q2 2022 in Ontario. Total bets entered the billions, jumping from $4,076 million to $6.04 billion in the second quarter.
Several operators and websites specializing in different areas of iGaming are live in Canada, helping the Canadian market reach a broader target audience. According to this review site, some of Canada’s most popular online casinos include LeoVegas, which specializes in mobile gaming, and Wildz. Wildz is an online casino known for offering lucrative casino bonuses. Canada’s iGaming market also offers French-speaking online casinos for Canadian players who want to speak French. This is particularly relevant in Quebec, a French-speaking province.
Interestingly, Canada’s iGaming market is rising simultaneously with the country’s eSports industry. In 2022, revenue in Canada’s eSports market is expected to reach nearly $25 million. This growth is attractive because eSports is a sector that the iGaming market is looking more into incorporating. People have shown that they enjoy placing wagers on eSports tournaments as they do with regular sports tournaments like the World Cup.
Canada has one of the largest economies in the world, so it’s no surprise to see the country continuing to push boundaries and grow its success in budding new industries like iGaming and eSports. Even though these are two competitive markets, Canada appears to have gotten its foot in the door already.
Personal Loans with the Lowest Interest Rates
Need a loan quickly? With the loans that Canadian lenders provide you, starting your dream company or even paying your bills is made easy for you.
Only individuals are eligible for personal loans in Canada, and most banks and lending institutions impose restrictions on how and why you can use one. Personal loans can be of different types, such as secured, unsecured, and credit-building loans. Lenders may have different terms and interest rates for personal loans. Some lenders require you to provide your credit score, while others do not.
If you hope to find rates that won’t affect your credit, you have come to the right place. These lenders give quick loans with interest rates as low as 3%. Let’s discuss some of these lenders and how they stand out:
- Loans Canada
Loans Canada is one of the best lenders for Canadians who need to borrow money for almost any cause. You can trust that the terms of any quotes you’re pre-approved for are the conditions you’ll receive, thanks to Loans Canada’s great reputation and broad network of financial institutions. With funding for some loans available in as little as 24 hours, lenders often offer interest rates as low as 1.99%, but the rates go as high as 46.96% on amounts ranging up to $50,000.
There are lenders on the platform who cater especially to those with bad credit, and there are no credit or income requirements stated on the site. The loan term varies from 3 to 60+ months for borrowers to pay back.
LoanConnect is an entry point to numerous lenders via a single application, not a direct lender. The lenders on LoanConnect offer short-term, unsecured loans, some of which are available to borrowers with bad credit or a history of bankruptcy.
A competitive 5.99% APR is the starting rate for LoanConnect lenders, but some can go as high as 46.96% APR, depending on the applicant’s credit history. To be eligible for this loan, you must be a citizen of Canada and meet certain age requirements.
Prospective borrowers can submit an online loan application in just a few minutes, receive loan approval in about 5 minutes, and typically receive their funds the same day. There are no additional fees for applying.
Borrowell offers a range of financial services and is one of Canada’s top providers of personal loans. With over 50 financial partners and seven years in operation, Borrowell has created a strong network to assist you in finding unsecured loans that meet your requirements.
You can borrow between $1,250 to $10,000, and you have 36 to 60 months to repay the loan with regular payments. The interest rate is 19.99%. The platform is free, but there’s a one-time origination fee of 1% to 5% that you must pay.
You must meet the following requirements to be considered: a credit score of at least 660; a minimum annual income of $20,000; solid credit history and credit utilization; and a manageable debt service ratio. Also, you should obtain a free Equifax credit score, review the offers that correspond to your credit profile, and select the best offer to accept.
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