Interview: Community with shared future fundamental for post-pandemic world economy, says Mexican expert - Xinhua | English.news.cn - Xinhua | Canada News Media
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Interview: Community with shared future fundamental for post-pandemic world economy, says Mexican expert – Xinhua | English.news.cn – Xinhua

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by Edna Alcantara, Wu Hao

MEXICO CITY, Dec. 19 (Xinhua) — Building a community with a shared future for mankind will help the recovery of the world economy and China’s role will be essential to achieving this, said a leading Mexican academic expert.

The COVID-19 pandemic has revealed the need to go forward unitedly to find new ways to face multiple challenges in various areas, such as the economy, and the way to do this is to build a community with a shared future for mankind, Jose Ignacio Martinez Cortes, an academic and researcher with the National Autonomous University of Mexico, told Xinhua in a recent interview.

He agreed with the economic forecasts claiming China as one of the few countries that will have significant growth by 2021, adding that this will strengthen international trade.

He said China led the world in economic recovery through global value chains and supply chains, where significant economic growth can be generated.

“This is where China’s support to promote international free trade rests,” he said.

“It is necessary to move towards a community with a shared future, because the recovery of the world economy is not that of a single country, but of a group of nations,” said the expert, emphasizing that over the next year, lifting barriers on free trade to strengthen international commerce will be even more necessary.

Martinez said China’s support for multilateralism is “the best way” to respond to the current needs and for the global economy to recover.

Despite COVID-19, China’s diplomacy has not stopped, but has expanded to health, which includes promoting cooperation so that the vaccine against the virus becomes a universal good.

He also highlighted the fact that China is fighting for new virtual cooperation. “China has prepared to promote new technological development and, without a doubt, this new diplomacy lays the foundations for the transition towards what we will have in the next few years, which is 5G around a new scientific-technological revolution, the development of Industry 4.0,” he said.

China’s gross domestic product grew by 4.9 percent in the third quarter compared with last year, faster than the 3.2-percent growth in the second quarter, according to the National Bureau of Statistics of China.

Additionally, in the latest World Economic Outlook, the International Monetary Fund projected China’s economy to grow by 1.9 percent in 2020, 0.9 percentage points above its June forecast, making China the only major economy that will see positive growth this year. Enditem

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Minimum wage to hire higher-paid temporary foreign workers set to increase

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OTTAWA – The federal government is expected to boost the minimum hourly wage that must be paid to temporary foreign workers in the high-wage stream as a way to encourage employers to hire more Canadian staff.

Under the current program’s high-wage labour market impact assessment (LMIA) stream, an employer must pay at least the median income in their province to qualify for a permit. A government official, who The Canadian Press is not naming because they are not authorized to speak publicly about the change, said Employment Minister Randy Boissonnault will announce Tuesday that the threshold will increase to 20 per cent above the provincial median hourly wage.

The change is scheduled to come into force on Nov. 8.

As with previous changes to the Temporary Foreign Worker program, the government’s goal is to encourage employers to hire more Canadian workers. The Liberal government has faced criticism for increasing the number of temporary residents allowed into Canada, which many have linked to housing shortages and a higher cost of living.

The program has also come under fire for allegations of mistreatment of workers.

A LMIA is required for an employer to hire a temporary foreign worker, and is used to demonstrate there aren’t enough Canadian workers to fill the positions they are filling.

In Ontario, the median hourly wage is $28.39 for the high-wage bracket, so once the change takes effect an employer will need to pay at least $34.07 per hour.

The government official estimates this change will affect up to 34,000 workers under the LMIA high-wage stream. Existing work permits will not be affected, but the official said the planned change will affect their renewals.

According to public data from Immigration, Refugees and Citizenship Canada, 183,820 temporary foreign worker permits became effective in 2023. That was up from 98,025 in 2019 — an 88 per cent increase.

The upcoming change is the latest in a series of moves to tighten eligibility rules in order to limit temporary residents, including international students and foreign workers. Those changes include imposing caps on the percentage of low-wage foreign workers in some sectors and ending permits in metropolitan areas with high unemployment rates.

Temporary foreign workers in the agriculture sector are not affected by past rule changes.

This report by The Canadian Press was first published Oct. 21, 2024.

— With files from Nojoud Al Mallees

The Canadian Press. All rights reserved.

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PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

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OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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Statistics Canada says levels of food insecurity rose in 2022

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OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

The Canadian Press. All rights reserved.

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