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Minister Jordan launches engagement on Canada's new Blue Economy Strategy – Canada NewsWire

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OTTAWA, ON, Feb. 8, 2021 /CNW/ – With the world’s longest coastline and connected to three oceans, Canada is well positioned to be a global leader in the blue economy – an economy that creates good, middle-class jobs, while ensuring healthy oceans and sustainable ocean industries.

Building a blue economy that benefits Canadians from coast to coast to coast requires input from people in coastal communities and across the country. That’s why today, the Minister of Fisheries, Oceans and the Canadian Coast Guard, the Honourable Bernadette Jordan, officially launched the engagement phase in the development of Canada’s Blue Economy Strategy. Whether it is through new products and technologies to enhance sustainability in the commercial fishing industry, exploring offshore renewable energy to transition to net-zero emissions, encouraging sustainable tourism in coastal regions, enhancing international trade, or developing new green technologies and practices in ocean-related fields, all Canadians have a vested interest in determining how to grow our ocean sectors responsibly and sustainably.

To kick off the engagement, the Minister will host a series of virtual roundtables with ocean innovators, academia, women and global leaders, and the fishing and aquaculture industries. Fisheries and Oceans Canada (DFO) is also launching a Blue Economy Strategy website today, where Canadians will be invited to provide their views and input. Engagement will continue until June 15, 2021, and the feedback received will inform the development of this whole-of-government strategy, which will be released in late fall. Canada’s Blue Economy Strategy is expected to contribute to sustainable oceans, drive investment in our ocean industries, and create jobs in coastal communities as Canada charts its economic recovery from COVID-19.

Over seven million people live on Canada’s coasts and our ocean industries contribute approximately $31.7 billion to Canada’s GDP every year. With vast ocean spaces, and extensive oceans research capacity, we are in an enviable position to harness even more ocean growth potential in the years to come – and the consultations launched today are the first step in this important process.

Quotes

Canada’s blue economy should be second to none. That’s why we’re developing a strategy to make our ocean industries more sustainable, more productive and more prosperous. This is about creating more long-term opportunities for our coastal communities, by working with the ocean on its terms. Canadians understand that action on climate change is vital to sustainability and economic growth, and building a thriving, sustainable ocean economy is no different. The Blue Economy Strategy will help steer federal investments and actions, on all three coasts, across all ocean sectors, toward a single goal: to get more Canadians working on and in the water.”

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

“A Blue Economy Strategy means long-term prosperity for coastal and Indigenous communities. A comprehensive strategy will reflect the input of all Canadians, further protect our ocean-based resources while increasing our competitiveness.”

The Honourable Seamus O’Regan Jr., Minister of Natural Resources

“Our government understands that Canadians have always had a strong connection with our coasts and waterways. The Blue Economy Strategy aligns and complements what is being accomplished through Canada’s Oceans Protection Plan. Together, with Indigenous communities and stakeholders, we’re investing in protecting the environment while growing the economy by working to create a world-leading marine safety system that improves responsible shipping, protects Canada’s waters and strengthens response measures.”

The Honourable Omar Alghabra, Minister of Transport

“The oceans are a vital lifeline for Indigenous peoples in Canada’s North and Arctic, for everything from hunting, to fishing, to the delivery of goods through Sealift. It is essential that the unique needs of First Nations, Inuit, and Métis communities in the North are reflected in Canada’s Blue Economy Strategy. This will help drive future activities that protect these waters while enhancing economic opportunities. That is why we need partners from across Canada to engage in the development of this important strategy.”

The Honourable Daniel Vandal, Minister of Northern Affairs

“If Canada is going to remain a leader in the blue economy, we need to continue to develop new technologies and solutions that allow us to increase productivity in our ocean sectors while enhancing their protection to ensure sustainability. Our world leading ocean-innovators will play a vital role in the future of our ocean sectors.”

The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

“Our ocean economy will only continue to grow, and by having a comprehensive Blue Economy Strategy, we can ensure that our actions and investments are coordinated to ensure proper stewardship of Canada’s blue resources. This will in turn lead to long-term economic prosperity for those who depend on our ocean sectors, including tourism businesses in coastal communities.”

The Honourable Mélanie Joly, Minister of Economic Development and Official Languages

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.
  • Indigenous peoples will be engaged through ministerial and departmental roundtables, and all Indigenous peoples will be able to share their views about how a Blue Economy Strategy could better serve their economic and environmental priorities through the online engagement website. Indigenous peoples bring vast knowledge and valuable experience given their longstanding and close relationship with Canada’s oceans.
  • The Government of Canada has taken strong action and leadership in the area of ocean protection and conservation. This includes ongoing actions under the Oceans Protection Plan, and a public commitment to protect 25 per cent of Canada’s marine and coastal areas by 2025, and 30 per cent by 2030. The future success of our blue economy will be enabled by this comprehensive environmental agenda.

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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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Economists predict slight rebound and moderate growth for B.C. economy in 2021 – North Shore News

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VICTORIA — Finance Minister Selina Robinson said she’s encouraged by predictions that British Columbia’s economy will rebound this year and next. 

Robinson heard Friday from economists on the province’s Economic Forecast Council who estimate B.C. is on track for real GDP growth of 4.7 per cent this year and 4.3 per cent next year, before growth slows. 

The same measurement for the provincial economy in 2020 shows a 5.1 per cent decline, the worst contraction since 1980.

“We can see the light at the end, but we’re still in the tunnel,” Robinson said in an interview after the hearing from the council. 

The council of economists from major financial institutions and business associations warned that the strength of recovery depends heavily on the rollout of COVID-19 vaccines. 

Recovery is expected to escalate as the province reaches herd immunity and consumer activity increases, while work ramps up in areas like construction on resource projects.

All signs point to a strong recovery in the United States, which will also help boost B.C.’s rebound, several economists said during the session. 

But Robinson also heard the recovery won’t be felt evenly, with certain hard-hit industries and low-wage earners tending to suffer the greatest ongoing impacts of the pandemic. 

Women, people of colour and those without more than a high school education have fared worse than others, Robinson heard. 

At the same time, the skilled labour market is expected to tighten, suggesting good government policy could involve investment in training, education and financial support for those transitioning to new industries, she heard. 

“Obviously, here we are 10 months out and there are some doing really well and others being completely left behind,” Robinson said. 

“What caught my attention was making sure that we’re investing right now in people, but also into the future.”

Online shopping will likely change retail in the long term, while struggling sectors like tourism may see a strong, if delayed, rebound thanks to pent-up demand for travel and leisure, Robinson heard. 

The challenge will be to bridge the current situation to the time when there is herd immunity, while maintaining an active tourism sector, she said. 

The minister said the next B.C. budget will focus on continuing to support British Columbians through the emergency of the pandemic while investing in the future. 

The government will table its budget on April 20 after legislation passed in December allowed it to delay its introduction from the traditional date in February.

The B.C. government announced late last year that the deficit forecast had grown and the budget shortfall was expected to hit $13.6 billion this fiscal year. 

The Finance Ministry predicted B.C.’s economy would decline by 6.2 per cent in 2020, but growth was expected to rebound to three per cent in 2021. 

Liberal finance critic Mike Bernier said the economic forecast report makes clear there is much more work in store for the New Democrat government on the road to economic recovery. It begins with fixing “growing problems” in their current support programs, he said in a statement. 

“The forecast council is doing important work looking ahead to the economic future of British Columbia, and that is certainly vital, but we cannot let the government forget about the here and now,” Bernier said. 

He accused the government of fumbling the provision of economic support at nearly every turn, from delayed pandemic pay to a “botched” rollout for small and medium-sized businesses. 

Of the $300 million set aside for B.C. businesses at the beginning of the pandemic, only $21 million has been distributed, Bernier said. 

“We need to see (Premier) John Horgan and his government take immediate steps to fix their ineffective programs and provide people with the relief they need to make it through this pandemic.”

This report by The Canadian Press was first published Feb. 26, 2021.

Amy Smart, The Canadian Press

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Canadian dollar falls by most since October as risk appetite frays

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Canadian dollar

By Fergal Smith

TORONTO (Reuters) – The Canadian dollar tumbled against its broadly stronger U.S. counterpart on Friday as this week’s spike in bond yields weighed on investor sentiment, with the loonie extending its pullback from a three-year high the day before.

The Canadian dollar was trading 0.9% lower at 1.2710 to the greenback, or 78.68 U.S. cents, its biggest decline since last October. It touched its weakest since Feb. 18 at 1.2729, while it was down 0.8% for the week.

On Thursday, the loonie touched its strongest intraday level since February 2018 at 1.2464.

“The loonie is losing ground along with other risk assets as market volatility increased on a small tantrum over the rising U.S. yields,” said Amo Sahota, director at Klarity FX in San Francisco.

The safe-haven U.S. dollar rose against a basket of major currencies and global equity markets swooned, even as the bond selloff eased a bit. Fears of rising inflation still weighed on sentiment as data showed a strong rebound in U.S. consumer spending.

“The underlying fundamentals are unchanged so commodity demand strength will remain robust and that should help underpin the loonie and prevent this from turning into a complete rout,” Sahota said.

Oil prices settled 3.2% lower at $61.50 a barrel as forecasts called for crude supply to rise in response to prices climbing above pre-pandemic levels.

Canada‘s C$100 billion ($79 billion) stimulus plan is justified by the economic hole caused by the COVID-19 pandemic, government sources said, as analysts warned Ottawa against racking up too much debt and making investments that fail to boost growth.

Canadian government bond yields fell across a flatter curve in sympathy with U.S. Treasuries. The 10-year was down 6.8 basis points at 1.398%.

On Thursday, it touched a 13-month high at 1.486%, while it was up 18.5 basis points for the week.

 

(Reporting by Fergal Smith; Editing by Steve Orlofsky and David Gregorio)

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Economists predict slight rebound and moderate growth for B.C. economy in 2021 – The Tri-City News

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VICTORIA — Finance Minister Selina Robinson said she’s encouraged by predictions that British Columbia’s economy will rebound this year and next. 

Robinson heard Friday from economists on the province’s Economic Forecast Council who estimate B.C. is on track for real GDP growth of 4.7 per cent this year and 4.3 per cent next year, before growth slows. 

The same measurement for the provincial economy in 2020 shows a 5.1 per cent decline, the worst contraction since 1980.

“We can see the light at the end, but we’re still in the tunnel,” Robinson said in an interview after the hearing from the council. 

The council of economists from major financial institutions and business associations warned that the strength of recovery depends heavily on the rollout of COVID-19 vaccines. 

Recovery is expected to escalate as the province reaches herd immunity and consumer activity increases, while work ramps up in areas like construction on resource projects.

All signs point to a strong recovery in the United States, which will also help boost B.C.’s rebound, several economists said during the session. 

But Robinson also heard the recovery won’t be felt evenly, with certain hard-hit industries and low-wage earners tending to suffer the greatest ongoing impacts of the pandemic. 

Women, people of colour and those without more than a high school education have fared worse than others, Robinson heard. 

At the same time, the skilled labour market is expected to tighten, suggesting good government policy could involve investment in training, education and financial support for those transitioning to new industries, she heard. 

“Obviously, here we are 10 months out and there are some doing really well and others being completely left behind,” Robinson said. 

“What caught my attention was making sure that we’re investing right now in people, but also into the future.”

Online shopping will likely change retail in the long term, while struggling sectors like tourism may see a strong, if delayed, rebound thanks to pent-up demand for travel and leisure, Robinson heard. 

The challenge will be to bridge the current situation to the time when there is herd immunity, while maintaining an active tourism sector, she said. 

The minister said the next B.C. budget will focus on continuing to support British Columbians through the emergency of the pandemic while investing in the future. 

The government will table its budget on April 20 after legislation passed in December allowed it to delay its introduction from the traditional date in February.

The B.C. government announced late last year that the deficit forecast had grown and the budget shortfall was expected to hit $13.6 billion this fiscal year. 

The Finance Ministry predicted B.C.’s economy would decline by 6.2 per cent in 2020, but growth was expected to rebound to three per cent in 2021. 

Liberal finance critic Mike Bernier said the economic forecast report makes clear there is much more work in store for the New Democrat government on the road to economic recovery. It begins with fixing “growing problems” in their current support programs, he said in a statement. 

“The forecast council is doing important work looking ahead to the economic future of British Columbia, and that is certainly vital, but we cannot let the government forget about the here and now,” Bernier said. 

He accused the government of fumbling the provision of economic support at nearly every turn, from delayed pandemic pay to a “botched” rollout for small and medium-sized businesses. 

Of the $300 million set aside for B.C. businesses at the beginning of the pandemic, only $21 million has been distributed, Bernier said. 

“We need to see (Premier) John Horgan and his government take immediate steps to fix their ineffective programs and provide people with the relief they need to make it through this pandemic.”

This report by The Canadian Press was first published Feb. 26, 2021.

Amy Smart, The Canadian Press

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