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Canadian economy set for best quarterly growth in more than three years (www.reuters.com)
submitted 1 week ago by to c/canada@lemmy.ca
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Canada's economy grew by a greater-than-expected 0.3% in May and looks set to turn in its best annualized quarterly performance for more than three years, official data indicated on Friday.

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[The growth] indicates annualized second-quarter growth of 3.4%, significantly ​higher than the Bank of Canada's July 15 forecast of 2.5%, and the highest annualized quarterly ​increase since the 4.3% seen in the first three months of 2023.

The central bank left its benchmark overnight rate unchanged at 2.25% on July 15 and said growth would strengthen in the second half of the year as inflation ​pressures eased and firms continued to adapt to U.S. tariffs.

"The economy appears to have found ways ​to navigate the current cloud of uncertainty relating to trade with the United States," said Royce Mendes, managing director ‌and ⁠head of macro strategy at Desjardins.

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[–] -1 points 1 week ago (1 child)

In industries that involve tech, yeah I'll agree. In industries requiring resource extraction, not at all. That only happens with labour, which is one of the reasons Carney has been advocating for opening up Canada. They're very well paying jobs. It shortens these lines because these workers can also pay for services, so it really does trickle down in cases like this - more restaurants or more local artists, etc, can make it with a better economy.

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  • [–] 1 point 1 week ago (1 child)

    It also burns the planet. We kinda need that.

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  • [–] 1 point 1 week ago (1 child)

    Do you genuinely think if Canada stopped selling oil the world would be ok? We're at about 0.5% of the world's population, and we make about 6% of the world's supply. I don't know about you, but if the world is gonna burn, I'd rather a full stomach than an empty one for when that time comes.

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  • [–] 2 points 1 week ago (1 child)

    So this is what we've come to.

    First it was "global warming isn't real", then it was "it is, but it's not our fault", then "it's our fault, but there's nothing we can do about it", and now you're taking the position of "it's all gonna burn anyway, so I might as well get mine."

    Putting the emotional argument aside for a moment, this is a blisteringly naive position to take. In a world on fire, and with Canada's terrain the way it is, what could possibly make you think that your home isn't going to be burning next year? A "full stomach"? In a world on fire? Where do you think the food is going to come from? What in your head tells you that you're going to be able to afford to feed yourself or your family in a world where crop yields are cratering everywhere? The people with the money, who stand to profit further from policies like the one you're supporting here will gleefully let you die and not even notice.

    For every litre of oil & gas Canada leaves in the ground, the cost of accessing those fossils elsewhere increases. Driving up the price drives divestment and innovation everywhere, and that means fewer burning forests and a better chance of survival.

    While it's true that resource extraction can drive an economy, extracting resources that literally burn the future is at-best shortsighted... extractive if you will. We could be pushing money into electrification, transport, and education, fields in desperate need of support that objectively lead to a stronger economy nation-wide. With the US cratering, we could position ourselves as a cultural hub, or a manufacturing bridge between Asia and Europe... but instead Carney is choosing short-term profits for private companies (protected by public funds!) and increasing our already sizeable contribution to burning the world.

    But I guess it's ok if a few people have some jobs for a few years. You best hope your home isn't next on the to-burn list.

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  • [–] 1 point 1 week ago (1 child)

    I can empathize with your statement. I really can. I felt like you, once. Once, I went and worked in the Ontario AFFES, and I traveled around the country literally putting out fires for years. I tried to be the change I wanted to see in the world, someone helpful. Then I learned about our forests, and how it's pretty much too late to save them.

    Canada is fucked no matter how you look at it. The entire boreal forest sits on roughly 50cm to several meters of organic growing material and then it's mineral soil underneath. When it goes, we'll have a massive desert stretching through our country.

    The world's burning of fuels affects Canada whether we contribute or not. If we completely drop out, the world is still going at 94% pace, which is still going to blow past all of the warning limits scientists have screamed about. The world is doomed. Rage and complain all you like, it'll change nothing. People are too stupid to listen to scientists, and so they'll just keep using these fuels the world over, and here in Canada our forests will keep burning.

    Do you know why? Because no one goes out and solves this problem. No one. Everyone complains, but no one sacrifices their comforts for the world's health. In addition, developing nations need our resource to grow. You'd deny them advancing civilization, after you've got yours?

    I have not gotten mine. I'm no millionaire. I just understand some harsh truths that I've come to terms with. People are generally awful, not out of malice, but out of indifference/convenience. So yeah, fill my stomach before I die. It's better to burn full than hungry.

    But I'll continue the discussion for you. You complain about burning crops. Well, do know know what percentage of fields are devoted solely to animal food? Way too much, north of 50% of all fields, but much higher if my memory serves. Those fields can be converted and we'll be fine. It'll just take too much loss before we do. Do you know why? Because humans don't listen and don't care enough until they have to suffer for their choices.

    Fwiw, I've never said the statements you opened with. I always knew it was the fault of humans and argued with several big wig deniers that we strongly contribute to climate change. It was all in vain. And now here we are.

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  • [–] 1 point 1 week ago (1 child)

    You sound like a reasonable person who's given up, and I get that. Given everything we see, it may even be the rational choice, but it's not the moral one. It's fine if you want to check out, but that doesn't explain the cheerleading for policy that will make everything worse. It turns you from a bystander to an antagonist.

    If this planet is going to end in fire, I have to believe that Good people are going to fight for it, even if we know we can't win because "if nothing we do matters, then all that matters is what we do".

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  • [–] 1 point 1 week ago

    Yes this planet will end in fire. I pushed back hard on climate change deniers because I understand the repercussions of letting fuel use run rampant. It means I also understand what happens when we cross those thresholds, hence my opinion.

    We need to stop using, completely, tomorrow, to stop this downward spiral. That absolutely will not happen as not enough people are willing to make the sacrifice to become the visionaries/revolutionaries/terrorists (pick your angle) the world needs.

    You can call me an antagonist if that make your feel better, but it's not accurate. Being happy my fellow countrymen and women can find better employment and help our economy recover is prosocial. Just FYI, extracting the minerals for going off fossil fuels can be just as bad for the environment, if not more so if this resources aren't used responsibly.

    There's no way out here. So, kiss your loved ones, enjoy your remaining days, and approach the end of civilisation with positivity instead of negativity.

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