Chapter 4 -Media Article
"Alberta to continue its impressive growth: report"
The National Post -Friday, February 23, 2007
Canada's economic growth is continuing to be guided by its Western provinces (Conference Board of Canada's Provincial Outlook). In Alberta, the demand for oil will be more than 4% gross domestic product (GDP) for the next couple of years. This is less than last year's 6.3% GDP. In British Columbia, on the other hand, is expected to have 3% GDP in the next two years. This is mainly due to the major construction products and commodities. Oil has kept housing levels in BC and Alberta increasing at rapid rates. "Even though Calgary is coming off incredibly high levels, Edmonton is still very strong, it’s even surpassed the housing activity for Calgary," said Arlene Kish, an analyst with BMO Capital Markets. She also noted that there's going to be economic boom in British Columbia from the Vancouver Olympics. Sadly, as Western Canada continues to boom, Ontario’s economy has still not caught up to its neighbours. It only has a GDP growth of 1.9%. Its obstacle is due to its limping auto industry and retail sales. It’s predicted that in Ontario, unemployment will increase in the manufacturing sector of its economy. These percentages are predicted from last year’s results.
Relationship to Ch.4-Gross Domestic Product
Gross Domestic Product, commonly known as GDP, is the annual value of goods and services produced in a country. From this article, we see that a country’s GDP can increase or decrease due to current events. In British Columbia, we see that the Vancouver Olympics of 2010 will increase the province’s GDP. This is because there will be an increase of human traffic from visiting countries. There will be many more spectators that will cheer their country’s team on. On the darker side, we know that Canada is creeping away from the manufacturing civilization. Due to this, Ontario’s manufacturing sector is slowly decreasing its productivity. This increases its unemployment rate which will result in damaging the economy. We know this because it would mean less money circulating. Also, a low GDP rate may mean that Ontario may end up borrowing money from other places to keep its economy stable. This would result in a bigger debt by the province, but it’s better than taxing their citizens. That’s because citizens vote for who they like and who they can benefit from. If the current government increases taxes, citizens of Ontario would vote in another government that will promise to lower the tax rate. All in all, people aren’t concern with government borrowing, but they are with increased taxes.
The National Post -Friday, February 23, 2007
Canada's economic growth is continuing to be guided by its Western provinces (Conference Board of Canada's Provincial Outlook). In Alberta, the demand for oil will be more than 4% gross domestic product (GDP) for the next couple of years. This is less than last year's 6.3% GDP. In British Columbia, on the other hand, is expected to have 3% GDP in the next two years. This is mainly due to the major construction products and commodities. Oil has kept housing levels in BC and Alberta increasing at rapid rates. "Even though Calgary is coming off incredibly high levels, Edmonton is still very strong, it’s even surpassed the housing activity for Calgary," said Arlene Kish, an analyst with BMO Capital Markets. She also noted that there's going to be economic boom in British Columbia from the Vancouver Olympics. Sadly, as Western Canada continues to boom, Ontario’s economy has still not caught up to its neighbours. It only has a GDP growth of 1.9%. Its obstacle is due to its limping auto industry and retail sales. It’s predicted that in Ontario, unemployment will increase in the manufacturing sector of its economy. These percentages are predicted from last year’s results.
Relationship to Ch.4-Gross Domestic Product
Gross Domestic Product, commonly known as GDP, is the annual value of goods and services produced in a country. From this article, we see that a country’s GDP can increase or decrease due to current events. In British Columbia, we see that the Vancouver Olympics of 2010 will increase the province’s GDP. This is because there will be an increase of human traffic from visiting countries. There will be many more spectators that will cheer their country’s team on. On the darker side, we know that Canada is creeping away from the manufacturing civilization. Due to this, Ontario’s manufacturing sector is slowly decreasing its productivity. This increases its unemployment rate which will result in damaging the economy. We know this because it would mean less money circulating. Also, a low GDP rate may mean that Ontario may end up borrowing money from other places to keep its economy stable. This would result in a bigger debt by the province, but it’s better than taxing their citizens. That’s because citizens vote for who they like and who they can benefit from. If the current government increases taxes, citizens of Ontario would vote in another government that will promise to lower the tax rate. All in all, people aren’t concern with government borrowing, but they are with increased taxes.
posted by Pattie at
10:21 AM
1 Comments:
Yes, unemployment rates will go up if the manufacturing industry declines, but the fact that Canada is moving from a manufacturing economy to a service one has been a truth for a long time now. And I think the increase of employment in the service industry will more or less balance out the decrease of employment in the manufacturing aspect.
Also, people may complain when their taxes are raised, but they generally accept these tax increases anyways. Even if they vote for another government who promises lower taxes, the people eventually realize that these are just empty promises or taxes end up being raised elsewhere, in less noticeable areas.
By
jessica wu, at 2:45 PM
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