Connect with us

Economy

Saskatchewan Liberals call for strengthening economy, accountable government – Global News

Published

 on


The Saskatchewan Liberals have outlined four themes as the party released its election platform on Wednesday.

Leader Robert Rudachyk says that includes building a strong and diversified economy.

FULL COVERAGE: 2020 Saskatchewan Election

“We have the power to strengthen our economy to better withstand the boom and bust cycles brought on by increasingly unpredictable commodity prices,” Rudachyk said.

“We can achieve this by tapping into our nearly unlimited potential for renewable energy, creating more ways to get our goods and resources to market, and supporting more diverse job-creating sectors such as the film industry.”

The Liberals said they would move toward green energy stewardship by allowing anyone to contribute to the electrical grid and set the rate to 50 per cent of the personal rate charged by SaskPower.

Story continues below advertisement

Goods would be moved on existing rail lines to the port in Churchill, Man., and the film employment tax credit, eliminated by the Saskatchewan Party, would be reinstated, according to the party’s plan.

Read more:
Saskatchewan Party releases full platform, promises balanced budget by 2024

They would also ease taxes to help struggling families by adjusting income brackets to reflect better current incomes and inflation.

“We can also bring more immediate relief for families and communities that are struggling, by eliminating PST on all insurance products, and reducing the tax burden on low and middle-income families.”

Failures in the classroom have been exposed by the COVID-19 pandemic, the Liberals said, and they would commit long-term funding to support teachers and students and address large class sizes.

The Liberals said they would improve senior health care with a senior prescription drug plan and expanded home care services.

Read more:
NDP releases platform promising improved health care, smaller classrooms

Rudachyk is also calling for the government to be more accountable to the public and to that end, he said he would ban corporate and union donations to political parties.

Story continues below advertisement

“There’s no better time than now to make sure our government is accountable to the voters, not to the interests of large (and often out-of-province) political party donors,” he said.

“That is why we would follow the lead of many other jurisdictions by banning donations from any corporation or trade union, and setting a reasonable limit on personal donations.”

The Liberal plan would also reduce the number of seats in the legislature from the current 61 to 50.

The party said this would save roughly $1.1 million a year while improving efficiency.

No costing of the platform promised was provided by the Liberals.

The Liberals are running candidates in three ridings — Regina Lakeview, Regina Northeast and Saskatoon Westview.

Story continues below advertisement

Saskatchewan heads to the polls on Oct. 26.

© 2020 Global News, a division of Corus Entertainment Inc.

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

Canada's economy grew 1.2% in August as pace of growth cools down – Radio Canada International – English Section

Published

 on


Statistics Canada says the pace of economic growth slowed in August as real gross domestic product grew 1.2 per cent in the month. (Matt York/THE CANADIAN PRESS/AP)

Canada’s economy grew by 1.2 per cent in August slightly higher than what economists were expecting but significantly slower than in previous months as the pace of economic recovery began losing steam.

In July, Canada’s economy had grown by 3.1 per cent, the national statistics agency said Friday.

Statistics Canada noted that August marked the fourth straight month of growth following the steepest drops on record back in March and April amid pandemic lockdowns.

The economy was expected to grow by further 0.7 per cent in September, according to Statistics Canada’s preliminary estimate.

Both goods-producing and services-producing industries were up as 15 of 20 industrial sectors posted increases and two were essentially unchanged in August, Statistics Canada said.

August saw healthy increases in the public sector, especially in education, professional services, manufacturing and construction, the data agency said.

Accommodation and food services, the hardest hit sectors by the pandemic, also continued their recovery, though at a much slower pace.

However, the mining, quarrying, and oil and gas extraction sector decreased 1.7 per cent in August, Statistics Canada said.

(Statistics Canada)

RBC economist Claire Fan said the economy has retraced around 75 per cent of the losses earlier in spring, but still sits about five per cent below February’s pre-pandemic level.

The bigger concern is how much of that third quarter growth can be sustained beyond September, Fan said.

COVID cases have been on the rise, prompting local governments to re-introduce some containment measures in hotspots, she said.

“The less stringent and more targeted response this time around probably means activity held up much better than it did back in April,” Fan wrote in a research note to clients. “But the economic rebound was already slowing ahead of the virus resurgence, and there is still clearly a risk that broader containment measures could yet be needed.”

Fan said she expects growth in activity for the industrial sector and some services industries like retail and professional services to persist beyond September.

But hospitality industries, alongside the oil and gas sector, will once again face much bigger challenges as demand weakens, she warned.

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

Lifted by U.S., Mexico economy rebounds 12% in third quarter from coronavirus – The Journal Pioneer

Published

 on


By Dave Graham

MEXICO CITY (Reuters) – Mexico’s economy grew 12.0% during the third quarter, largely as expected, making up for much of the record contraction over the previous three months at the height of the coronavirus lockdown, preliminary data showed on Friday.

The seasonally-adjusted jump in gross domestic product (GDP) published by national statistics agency INEGI was fractionally better than the 11.9% expansion predicted by a Reuters poll.

The quarter-on-quarter increase was easily the biggest since current records began at the start of the 1980s, and benefited from massive stimulus spending in the United States.

U.S. demand helped Mexico rack up large trade surpluses during the past four months, as exports picked up speed, especially in the automotive industry. By contrast, domestic demand has lagged, with many businesses still struggling.

Alfredo Coutino, an economist at Moody’s Analytics, said Mexico was still heavily reliant on the U.S. economy, and forecast the recovery would slow in the months ahead.

“The Mexican economy is benefiting from the upturn in the U.S. business cycle, mainly through the U.S. demand for Mexican exports and remittances sent by Mexican migrants working in the U.S.,” Coutino said in a research note.

Between April and June, at the peak of Mexico’s pandemic lockdown, the economy shrank 17.1% from the first quarter.

Mexico has not recovered as quickly as the U.S. economy, which shrank by an annualized rate of 31.4% in the second quarter then jumped by 33.1% in the July-September period.

COMEBACK

Despite the economic chaos of the pandemic, remittances to Mexico have surged this year, and President Andres Manuel Lopez Obrador has forecast they will reach a record $40 billion.

During a regular news conference, Lopez Obrador hailed the GDP figures as evidence the economy was bouncing back.

A breakdown of the data showed primary activities like farming, forestry and fishing advanced by 7.4% compared with the previous quarter. Secondary activities such as manufacturing increased by 22.0%, INEGI said. Meanwhile tertiary activities, which encompass consumer spending and services, climbed 8.6%.

Lopez Obrador was eager to point out that the primary sector, which he has pushed with schemes to boost farming and tree planting, is doing better now than it was a year ago.

Mexico’s economy is forecast to shrink almost 10% in 2020, its deepest annual contraction since the Great Depression.

However, primary activities, which make up only a small part of the economy, were up 2.7% in the first nine months of this year compared with the same period in 2019, INEGI said.

The severest months for the Mexican economy were April and May, when much of business activity ground to a halt, leading to the loss of roughly one million formal jobs. By Oct. 28, more than 400,000 jobs had been recovered, Lopez Obrador said.

Compared with the same period last year, Latin America’s no. 2 economy shrank by 8.6% in unadjusted terms in the third quarter, just less than the Reuters forecast of 8.7%.

Final third quarter data is due to be published on Nov. 26.

(Reporting by Dave Graham; Editing by Hugh Lawson, Chizu Nomiyama and Marguerita Choy)

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

Lifted by U.S., Mexico economy rebounds 12% in third quarter from coronavirus – TheChronicleHerald.ca

Published

 on


By Dave Graham

MEXICO CITY (Reuters) – Mexico’s economy grew 12.0% during the third quarter, largely as expected, making up for much of the record contraction over the previous three months at the height of the coronavirus lockdown, preliminary data showed on Friday.

The seasonally-adjusted jump in gross domestic product (GDP) published by national statistics agency INEGI was fractionally better than the 11.9% expansion predicted by a Reuters poll.

The quarter-on-quarter increase was easily the biggest since current records began at the start of the 1980s, and benefited from massive stimulus spending in the United States.

U.S. demand helped Mexico rack up large trade surpluses during the past four months, as exports picked up speed, especially in the automotive industry. By contrast, domestic demand has lagged, with many businesses still struggling.

Alfredo Coutino, an economist at Moody’s Analytics, said Mexico was still heavily reliant on the U.S. economy, and forecast the recovery would slow in the months ahead.

“The Mexican economy is benefiting from the upturn in the U.S. business cycle, mainly through the U.S. demand for Mexican exports and remittances sent by Mexican migrants working in the U.S.,” Coutino said in a research note.

Between April and June, at the peak of Mexico’s pandemic lockdown, the economy shrank 17.1% from the first quarter.

Mexico has not recovered as quickly as the U.S. economy, which shrank by an annualized rate of 31.4% in the second quarter then jumped by 33.1% in the July-September period.

COMEBACK

Despite the economic chaos of the pandemic, remittances to Mexico have surged this year, and President Andres Manuel Lopez Obrador has forecast they will reach a record $40 billion.

During a regular news conference, Lopez Obrador hailed the GDP figures as evidence the economy was bouncing back.

A breakdown of the data showed primary activities like farming, forestry and fishing advanced by 7.4% compared with the previous quarter. Secondary activities such as manufacturing increased by 22.0%, INEGI said. Meanwhile tertiary activities, which encompass consumer spending and services, climbed 8.6%.

Lopez Obrador was eager to point out that the primary sector, which he has pushed with schemes to boost farming and tree planting, is doing better now than it was a year ago.

Mexico’s economy is forecast to shrink almost 10% in 2020, its deepest annual contraction since the Great Depression.

However, primary activities, which make up only a small part of the economy, were up 2.7% in the first nine months of this year compared with the same period in 2019, INEGI said.

The severest months for the Mexican economy were April and May, when much of business activity ground to a halt, leading to the loss of roughly one million formal jobs. By Oct. 28, more than 400,000 jobs had been recovered, Lopez Obrador said.

Compared with the same period last year, Latin America’s no. 2 economy shrank by 8.6% in unadjusted terms in the third quarter, just less than the Reuters forecast of 8.7%.

Final third quarter data is due to be published on Nov. 26.

(Reporting by Dave Graham; Editing by Hugh Lawson, Chizu Nomiyama and Marguerita Choy)

Let’s block ads! (Why?)



Source link

Continue Reading

Trending