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Minister Jordan calling all Canadians to contribute to our Blue Economy Strategy – Canada NewsWire

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OTTAWA, ON, Feb. 23, 2021 /CNW/ – Canada has the longest coastline in the world leaving us with vast ocean-based resources that can be utilized for economic potential, positioning Canada as a global leader. A Blue Economy Strategy will enable us to protect and revitalize the health of our oceans while taking advantage of emerging economic growth opportunities throughout ocean sectors.

Earlier this month, the Honourable Bernadette Jordan, Minister of Fisheries, Oceans and the Canadian Coast Guard, kicked off the Blue Economy Strategy engagements with a series of roundtables with key ocean sector stakeholders to discuss how we get more Canadians working on and in the water, and benefitting from the ocean. Today, the Minister invited all Canadians to participate in an online engagement portal which will collect the diverse perspectives from coast to coast to coast, helping us shape a federal strategy that will:

  • help Canada build back better by integrating growth with ocean conservation and climate action;
  • create stable jobs and fuel prosperity for coastal regions and communities;
  • encourage greater participation of Indigenous peoples, women, and under-represented groups in the ocean economy;
  • position our ocean sectors to be stronger and able to thrive post-COVID-19; and
  • strengthen Canada’s position as a global leader in the ocean space.

Open until June 15, 2021, this online engagement is an opportunity for Canadians to share their views on the Blue Economy Strategy in areas that interest them. This feedback will inform a strategy that is reflective of the input and needs of the communities that stand to grow and benefit the most from a strong coordinated approach to ocean investment and policy-making.

Ocean-related businesses, Indigenous people, local and provincial governments, economic development organizations, environmental groups and others are invited to visit the blue economy website where they can download the engagement toolkit to host their own blue economy roundtable discussion. The ideas generated can then be submitted to Fisheries and Oceans Canada to inform the development of the strategy.

Quotes

“A healthy ocean has more to give – it can feed more mouths, employ more people and create more opportunities for the entire country. Canada needs a Blue Economy Strategy that will harness the power and potential of our oceans to create a future that is more sustainable, more prosperous and more inclusive. The best way to ensure people are at the heart of the plan, is to have Canadians share their ideas so we can work towards this brighter future together.”

The Honourable Bernadette Jordan, Minister of Fisheries, Oceans and the Canadian Coast Guard

Quick Facts

  • The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
  • Pre-COVID-19, Canada’s ocean-based economy contributed significantly to national Gross Domestic Product (GDP), adding approximately $31.7 billion annually (1.6 per cent of total GDP) and nearly 300,000 jobs across a broad range of sectors.
  • DFO will continue working with federal partners, including Transport Canada, Innovation, Science and Economic Development Canada, Natural Resources Canada, Crown-Indigenous Relations and Northern Affairs Canada, Infrastructure Canada, Global Affairs Canada, regional development agencies, and others, to advance this whole-of-government federal initiative.

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SOURCE Fisheries and Oceans (DFO) Canada

For further information: Jane Deeks, Press Secretary, Office of the Minister of Fisheries, Oceans and the Canadian Coast Guard, 343-550-9594, [email protected]; Media Relations, Fisheries and Oceans Canada, 613-990-7537, [email protected]

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http://www.dfo-mpo.gc.ca

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Economy

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

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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.

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Economy

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

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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.

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Economy

Trump’s victory sparks concerns over ripple effect on Canadian economy

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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.

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