Connect with us

Economy

Growing concern over our future economy – Airdrie Today

Published

 on


Alberta’s economy is mostly dependent on the oil and gas industry and the economic spin-offs from those resources. There’s usually no happy medium; it’s either boom or bust. For the most part, Albertans are accustomed to the roller coaster and can bounce back. Typically, the downturns are short-lived, lasting one year and rebound just as fast as they start. However, the slump we are experiencing now has far outlived any others in twenty-plus years. Current concerns on the minds of Albertans is the very shaky future ahead.

Looking back on the history of Alberta’s economic crisis and the unemployment rates paint a bleak picture of what may be in store for the next year or more. Economists deemed the recession in 1982-83 one of the worst, but by comparison, 2020 has exceeded those statistics. Going from the current year back to almost 30 years, Alberta has gone through five significant downturns. When comparing the unemployment numbers, it appears we may not climb out of this for some time. According to Statistics Canada, at the start of the recession in 1982 – 83, Alberta’s unemployment rate hit an all-time high of 12 percent. The economic slump lasted two years before rebounding. In 1986, world oil prices dropped drastically, and once again put the province’s unemployment rate at 8.6 percent. Another significant impact on Albertans occurred over two years in 2008 due to the stock market crash, causing a substantial financial crisis worldwide. The impact was felt across the nation, but Alberta’s unemployment faired surprisingly well. In 2008, the rate was consistent at around 4.2 percent. The full effects weren’t felt until 2009, when the rate almost doubled to 7.2 percent. Jumping ahead was another decline that lasted just over two years. From the end of 2014 until 2016, many companies were brought to their knees by the global oil market crash. It was a long-drawn-out period in which many service companies across the province suffered the fallout and closed their doors. Despite all the equipment that went up for sale, the unemployment rate remained between seven and nine percent.

After dragging the bottom for the past five years, the Alberta economy has not recovered. It took a monumental blow for the first time in history when oil price dropped into the negatives. Combine that with the current pandemic and the U.S Presidential election, Alberta is heading into unchartered territory for 2021 and beyond. As for the energy sector, according to CAODC, only 41 drilling rigs are currently active throughout Alberta as producers are pulling back on production. The unemployment rate topped out at 15.5 percent in June and as of November 4 decreased to 11.7 percent. 

Vicki Winger, Local Journalism Initiative Reporter

Read more from Whitecourtpress.com

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

India's economy contracts by 7.5%, enters its 1st recession – NEWS 1130 – News 1130

Published

 on


NEW DELHI — India’s economy contracted by 7.5% in the July-September quarter following a record slump of 23.9% in the previous three months, pushing the country into a recession for the first time in its history.

The contraction occurred despite the government’s lifting of a strict two-month lockdown imposed across the country in March after the outbreak of the pandemic.

A country enters a technical recession if its economy contracts for two successive quarters.

Data released Friday by the National Statistical Office showed industry normalizing faster than the service sector.

Manufacturing grew by 0.6% in July-September after shrinking by a massive 39% in the preceding quarter, the report said. While the agriculture sector grew by 3.4%, trade and services contracted by 15.6%, it said.

The 23.9% GDP contraction in the April-June quarter triggered massive unemployment in small and medium-size businesses and created rural distress.

The government announced stimulus packages after it lifted the lockdown imposed in March.

In May, it introduced a $266 billion package to boost consumer demand and manufacturing. A large part of the package was actually loans provided by banks, many of them without collateral.

That was followed by a $35.14 billion package early this month to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.

The objective of the incentives is to attract investment and enable India to become part of the global supply chain.

Finance Minister Nirmala Sitharaman said a strong economic recovery is taking root, citing an increase in tax collections for goods and services.

Ashok Sharma, The Associated Press

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

India's economy contracts by 7.5%, enters its 1st recession – 570 News

Published

 on


NEW DELHI — India’s economy contracted by 7.5% in the July-September quarter following a record slump of 23.9% in the previous three months, pushing the country into a recession for the first time in its history.

The contraction occurred despite the government’s lifting of a strict two-month lockdown imposed across the country in March after the outbreak of the pandemic.

A country enters a technical recession if its economy contracts for two successive quarters.

Data released Friday by the National Statistical Office showed industry normalizing faster than the service sector.

Manufacturing grew by 0.6% in July-September after shrinking by a massive 39% in the preceding quarter, the report said. While the agriculture sector grew by 3.4%, trade and services contracted by 15.6%, it said.

The 23.9% GDP contraction in the April-June quarter triggered massive unemployment in small and medium-size businesses and created rural distress.

The government announced stimulus packages after it lifted the lockdown imposed in March.

In May, it introduced a $266 billion package to boost consumer demand and manufacturing. A large part of the package was actually loans provided by banks, many of them without collateral.

That was followed by a $35.14 billion package early this month to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.

The objective of the incentives is to attract investment and enable India to become part of the global supply chain.

Finance Minister Nirmala Sitharaman said a strong economic recovery is taking root, citing an increase in tax collections for goods and services.

Ashok Sharma, The Associated Press

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

India Credit Downgrades Abate on Signs Economy Bouncing Back – Yahoo Canada Finance

Published

 on


GlobeNewswire

Insights on the Contactless Biometrics Technology APAC Market to 2026 – Industry Analysis and Forecast

Dublin, Nov. 27, 2020 (GLOBE NEWSWIRE) — The “Asia Pacific Contactless Biometrics Technology Market By Component, By Application, By End User, By Country, Industry Analysis and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering. The Asia Pacific Contactless Biometrics Technology Market is expected to witness market growth of 21% CAGR during the forecast period (2020-2026). Constant technological advances in enhanced experience are anticipated to provide positive opportunities for market growth over the coming years. The increase in disposable income worldwide is expected to drive the market. Brand and technology-sensitive buyers are anticipated to contribute to market demand. Smartphones are characterized by innovative features, technology and design, evolving product life cycles, extreme pricing, changing product imitation and technological advancements. The simplicity with which services, images, gallery and documentation are handled has intensified the reliance on smartphones. Growing demand and interest in music, gaming, travel navigation, entertainment; social and personalization are expected to be key drivers for the smartphone market. These are gradually becoming an alternative to PDAs, heavy laptops and space-consuming desktops. Various banks, fintech and financial services companies have established partners to provide bio-authentication for secure on-boarding and transactions, with facial, finger and voice recognition. Ubiquitous contactless payments have always been a long-term inevitability. All it took for them to become a smart short-term investment was for customers to avoid treating retail keypads as a luxury and more like a factor for disease. Based on Component, the market is segmented into Software, Hardware and Services. Based on Application, the market is segmented into Face, Voice, Fingerprint & Hand Geometry, Iris and Others. Based on End User, the market is segmented into Government, Transport & Logistics, Defense & Security, Consumer Electronics, Healthcare & Life Sciences, Banking & Finance and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific. The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include Fujitsu Limited, Thales Group S.A. (Gemalto NV), Assa Abloy AB, NEC Corporation, Aware, Inc., Fingerprint Cards AB, IDEMIA SAS (Advent International, Inc.), Touchless Biometric Systems AG, M2SYS Technology, Inc., and nVIAsoft Corporation. Unique Offerings from the Publisher * Exhaustive coverage * Highest number of market tables and figures * Subscription based model available * Guaranteed best price * Assured post sales research support with 10% customization freeKey Topics Covered: Chapter 1. Market Scope & Methodology 1.1 Market Definition 1.2 Objectives 1.3 Market Scope 1.4 Segmentation 1.4.1 Asia Pacific Contactless Biometrics Technology Market, by Component 1.4.2 Asia Pacific Contactless Biometrics Technology Market, by Application 1.4.3 Asia Pacific Contactless Biometrics Technology Market, by End User 1.4.4 Asia Pacific Contactless Biometrics Technology Market, by Country 1.5 Methodology for the research Chapter 2. Market Overview 2.1 Introduction 2.1.1 Overview 2.1.2 EXECUTIVE SUMMARY 2.1.3 Market Composition and Scenario 2.2 Key Factors Impacting the Market 2.2.1 Market Drivers 2.2.2 Market Restraints Chapter 3. Competition Analysis – Global 3.1 Cardinal Matrix 3.2 Recent Industry Wide Strategic Developments 3.2.1 Partnerships, Collaborations and Agreements 3.2.2 Product Launches and Product Expansions 3.2.3 Mergers & Acquisitions 3.3 Top Winning Strategies 3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020) 3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Nov – 2020,Apr) Leading Players Chapter 4. Asia Pacific Contactless Biometrics Technology Market by Component 4.1 Asia Pacific Contactless Biometrics Technology Software Market by Country 4.2 Asia Pacific Contactless Biometrics Technology Hardware Market by Country 4.3 Asia Pacific Contactless Biometrics Technology Services Market by Country Chapter 5. Asia Pacific Contactless Biometrics Technology Market by Application 5.1 Asia Pacific Face Contactless Biometrics Technology Market by Country 5.2 Asia Pacific Voice Contactless Biometrics Technology Market by Country 5.3 Asia Pacific Fingerprint & Hand Geometry Contactless Biometrics Technology Market by Country 5.4 Asia Pacific Iris Contactless Biometrics Technology Market by Country 5.5 Asia Pacific Other Application Contactless Biometrics Technology Market by Country Chapter 6. Asia Pacific Contactless Biometrics Technology Market by End User 6.1 Asia Pacific Government Contactless Biometrics Technology Market by Country 6.2 Asia Pacific Transport & Logistics Contactless Biometrics Technology Market by Country 6.3 Asia Pacific Defense & Security Contactless Biometrics Technology Market by Country 6.4 Asia Pacific Consumer Electronics Contactless Biometrics Technology Market by Country 6.5 Asia Pacific Healthcare & Life Sciences Contactless Biometrics Technology Market by Country 6.6 Asia Pacific Banking & Finance Contactless Biometrics Technology Market by Country 6.7 Asia Pacific Others Contactless Biometrics Technology Market by Country Chapter 7. Asia Pacific Contactless Biometrics Technology Market by Country 7.1 China Contactless Biometrics Technology Market 7.1.1 China Contactless Biometrics Technology Market by Component 7.1.2 China Contactless Biometrics Technology Market by Application 7.1.3 China Contactless Biometrics Technology Market by End User 7.2 Japan Contactless Biometrics Technology Market 7.2.1 Japan Contactless Biometrics Technology Market by Component 7.2.2 Japan Contactless Biometrics Technology Market by Application 7.2.3 Japan Contactless Biometrics Technology Market by End User 7.3 India Contactless Biometrics Technology Market 7.3.1 India Contactless Biometrics Technology Market by Component 7.3.2 India Contactless Biometrics Technology Market by Application 7.3.3 India Contactless Biometrics Technology Market by End User 7.4 South Korea Contactless Biometrics Technology Market 7.4.1 South Korea Contactless Biometrics Technology Market by Component 7.4.2 South Korea Contactless Biometrics Technology Market by Application 7.4.3 South Korea Contactless Biometrics Technology Market by End User 7.5 Singapore Contactless Biometrics Technology Market 7.5.1 Singapore Contactless Biometrics Technology Market by Component 7.5.2 Singapore Contactless Biometrics Technology Market by Application 7.5.3 Singapore Contactless Biometrics Technology Market by End User 7.6 Malaysia Contactless Biometrics Technology Market 7.6.1 Malaysia Contactless Biometrics Technology Market by Component 7.6.2 Malaysia Contactless Biometrics Technology Market by Application 7.6.3 Malaysia Contactless Biometrics Technology Market by End User 7.7 Rest of Asia Pacific Contactless Biometrics Technology Market 7.7.1 Rest of Asia Pacific Contactless Biometrics Technology Market by Component 7.7.2 Rest of Asia Pacific Contactless Biometrics Technology Market by Application 7.7.3 Rest of Asia Pacific Contactless Biometrics Technology Market by End User Chapter 8. Company Profiles 8.1 Fujitsu Limited 8.1.1 Company Overview 8.1.2 Financial Analysis 8.1.3 Recent strategies and developments: 8.1.3.1 Partnerships, Collaborations, and Agreements: 8.1.3.2 Product Launches and Product Expansions: 8.1.3.3 Acquisition and Mergers: 8.1.4 SWOT Analysis 8.2 Thales Group S.A. (Gemalto NV) 8.2.1 Company Overview 8.2.2 Financial Analysis 8.2.3 Segmental and Regional Analysis 8.2.4 Research and Development Expense 8.2.5 Recent strategies and developments: 8.2.5.1 Partnerships, Collaborations, and Agreements: 8.2.6 SWOT Analysis 8.3 Assa Abloy AB 8.3.1 Company Overview 8.3.2 Financial Analysis 8.3.3 Segment and Regional Analysis 8.3.4 Research & Development Expense 8.3.5 Recent strategies and developments: 8.3.5.1 Partnerships, Collaborations, and Agreements: 8.3.5.2 Acquisition and Mergers: 8.3.6 SWOT Analysis 8.4 NEC Corporation 8.4.1 Company Overview 8.4.2 Financial Analysis 8.4.3 Segmental and Regional Analysis 8.4.4 Research & Development Expenses 8.4.5 Recent strategies and developments: 8.4.5.1 Partnerships, Collaborations, and Agreements: 8.4.5.2 Product Launches and Product Expansions: 8.4.5.3 Acquisition and Mergers: 8.4.6 SWOT Analysis 8.5 Aware, Inc. 8.5.1 Company Overview 8.5.2 Financial Analysis 8.5.3 Regional Analysis 8.5.4 Research & Development Expense 8.5.5 Recent strategies and developments: 8.5.5.1 Product Launches and Product Expansions: 8.6 Fingerprint Cards AB 8.6.1 Company Overview 8.6.2 Financial Analysis 8.6.3 Research & Development Expense 8.6.4 Recent strategies and developments: 8.6.4.1 Partnerships, Collaborations, and Agreements: 8.6.4.2 Product Launches and Product Expansions: 8.7 IDEMIA SAS (Advent International, Inc.) 8.7.1 Company Overview 8.7.2 Recent strategies and developments: 8.7.2.1 Partnerships, Collaborations, and Agreements: 8.8 Touchless Biometric Systems AG 8.8.1 Company Overview 8.9 M2SYS Technology, Inc. 8.9.1 Company Overview 8.10 nVIAsoft Corporation 8.10.1 Company overview For more information about this report visit https://www.researchandmarkets.com/r/h2qip3Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

Let’s block ads! (Why?)



Source link

Continue Reading

Trending