Island economic summit explores disruption, digital innovation, doughnut economy – Saanich News - Saanich News | Canada News Media
Connect with us

Economy

Island economic summit explores disruption, digital innovation, doughnut economy – Saanich News – Saanich News

Published

 on


‘Disruption’ would be a good word to describe the theme of the State of the Island Economic Summit 2021.

This year’s summit happens Tuesday to Thursday, Oct. 26-28, but instead of a gathering of presenters and attendees and between-session exhibits at the Vancouver Island Conference Centre, COVID-19 pandemic safeguards have disrupted those plans and pushed the event online and virtual for the second year running.

The virtual summit opens Tuesday with Stories of Digital Innovation from Island entrepreneurs who will show and tell how Island-based companies achieve amazing feats with evolving digital technology that has even taken the concept of the office into the digital realm.

The summit agenda gets busier Wednesday and Thursday, with speakers, presentations, round-tables, networking opportunities and more all day long.

Wednesday’s keynote presentation is at 3:30 p.m., when Premier John Horgan will address delegates.

The day begins, though with a talk with particular local interest, centring on ‘doughut economics.’ Nanaimo city councillors Tyler Brown and Ben Geselbracht will be guest panelists, as Nanaimo is the first Canadian city to adopt the framework. Carlota Sanz, co-founder of Doughnut Economics Action Lab, will present the vision of doughnut economics and how action on the concept is laying the groundwork to create “ecologically safe and socially just communities.”

The Indigenous economy and how First Nations on the Island are expanding economic activities in traditional and non-traditional industries will be presented by panelist from the Huu-ay-aht, Malahat First Nations and Snuneymuxw First Nation’s Petroglyph Development Group.

As the pandemic continues, there will be discussion about working from home. Some are wondering about tensions arising between employees who stayed at job sites and those who worked remotely during the pandemic. A talk about return-to-work strategies and related mental health considerations will help employers identify workplace mental health issues and the tools and strategies to address mental health concerns in the work environment.

The Geography of Disruption is a session exploring how the forces of “disruptive innovation and dematerialization” might save the planet from sustainability models that are themselves showing signs of being unsustainable.

Disruptions in how Canadians shop and buy food is explored in Wednesday’s opening keynote presentation, It’s Good to Produce Goods, by Sylvain Charlebois, Dalhousie University professor and senior director of the Agri-Food Analytics Lab. Charlebois will also engage in discussion about food systems opportunities for the Island.

Supply chain disruptions and worries about quality and reliability of imported goods will be presented by Island Good. The initiative is raising public awareness and, with local government sponsorship, Island Good producers and retailers are seeing sales increases and market expansion. The Island Good: Recipes for Success panel discussion happens Thursday afternoon.

Susan Mowbray, partner and senior economist with MNP LLP will close the summit when she presents the VIEA’s seventh ‘State of the Island’ economic report highlighting the rapid changes happening in the Island’s new COVID economic landscape.

For more on the Vancouver Island Economic Summit and how to register, visit http://viea.ca.

READ ALSO: Vancouver Island Economic Summit decides on an all-virtual event



photos@nanaimobulletin.com

Like us on Facebook and follow us on Twitter

Businesseconomy

Adblock test (Why?)



Source link

Continue Reading

Economy

Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

Published

 on

 

OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

Published

 on

 

The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

The Canadian Press. All rights reserved.

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

Trending

Exit mobile version