{"id":83257,"date":"2014-04-23T13:04:00","date_gmt":"2014-04-23T13:04:00","guid":{"rendered":"https:\/\/resourcework2.devstudio.work\/?p=83257"},"modified":"2024-11-18T15:54:54","modified_gmt":"2024-11-18T15:54:54","slug":"from_consumption_economy_to_export","status":"publish","type":"post","link":"https:\/\/resourcework2.devstudio.work\/?p=83257","title":{"rendered":"Why we must shift our economic emphasis away from consumption"},"content":{"rendered":"\n<p>\u201cWhat we see going on in Canada right now is a rather difficult transition \u2026 consumers have been carrying the burden of growth for the past few years,\u201d said David Watt, chief economist for HSBC, at a presentation February 25. He appeared alongside Pedro Antunes, deputy chief economist at the Conference Board of Canada.<\/p>\n\n\n\n<p>\u201cThey\u2019re now getting tired and need to have someone else step up.\u201d<\/p>\n\n\n\n<p>Canadian consumers now carry record-high levels of debt from mortgages, lines of credit and credit cards. The strain that is putting on households, along with ongoing government fiscal restraint, has led the Conference Board of Canada to forecast a modest 2.3% growth in gross domestic product for 2014.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_1.jpg\" alt=\"\" class=\"wp-image-86200\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_1.jpg 800w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_1-300x225.jpg 300w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_1-768x576.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\"><em>Photo Credit:&nbsp; Flickr user keepitsurreal.<\/em><\/figcaption><\/figure>\n\n\n\n<p>But boosting exports is going to be a challenge. Canada\u2019s trade deficit has been steadily increasing, especially in non-resource exports. The country also struggles with low productivity, with businesses unwilling or unable to invest in new equipment, training and innovation.<\/p>\n\n\n\n<p>\u201cWe haven\u2019t kept up with the U.S. and other countries on the productivity front,\u201d Antunes said, describing the 2000s as \u201ca lost decade for trade.\u201d<\/p>\n\n\n\n<p>Paradoxically, Canada\u2019s relatively speedy recovery from the global financial crisis has contributed to uncompetitive labour costs. Coupled with a high Canadian dollar, that\u2019s hurt the manufacturing sector.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"800\" height=\"520\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_2.jpg\" alt=\"\" class=\"wp-image-86202\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_2.jpg 800w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_2-300x195.jpg 300w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/04\/consumption_2-768x499.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Read the rest of the article over at&nbsp;<a href=\"http:\/\/www.biv.com\/article\/2014\/2\/exports-must-replace-consumer-spending-as-canadas-\/\">Business in Vancouver<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to the engine powering future growth in Canada, prepare for a fuel switch: the indebted Canadian consumer is tapped out and will have to be replaced by an increase in exports, especially to emerging markets in Asia<\/p>\n","protected":false},"author":3,"featured_media":86198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3,8,4],"tags":[381,403,102,28,11,20],"class_list":["post-83257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forestry","category-manufacturing","category-mining","tag-asia","tag-consumption","tag-exports","tag-forestry","tag-mining","tag-natural-gas"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why we must shift our economic emphasis away from consumption -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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