"It was a rough week for the Canadian economy. GM laid off 500 workers at a plant in Oshawa, Ont. New threats from the White House targeted Canada's aerospace industry. And Statistics Canada announced its preliminary estimates show gross domestic product contracted in the fourth quarter of last year. Looming over all that bad news is a question about how much and how quickly Canada can realistically expect to diversify its exports."
"That sector is one of the worst hit though the trade war. Thousands of jobs have been lost. Shifts have been idled. Windsor, Ont., had the highest unemployment rate in the country. "Manufacturing jobs as a share of Ontario's total employment recently fell below 10 per cent for the first time since record keeping began in 1976," wrote the Ontario government's financial accountability officer in a report last year."
Canada experienced immediate economic strain from plant layoffs, trade tensions, and a preliminary GDP contraction in the fourth quarter. The federal government plans to increase global trade, strengthen internal trade, and attract up to a trillion dollars of investment over five years, but implementation will take time. The automotive sector faced mass layoffs, idled shifts, and regional spikes in unemployment as manufacturing's share of Ontario employment fell below 10 percent for the first time since 1976. A memorandum with South Korea expresses intent to encourage Korean automotive investment in Canada, though no Korean automaker currently produces in Canada.
Read at www.cbc.ca
Unable to calculate read time
Collection
[
|
...
]