Johnson Varughese’s Post

Yukon's economic outlook: Strong labour market and sustained growth projected The Conference Board of Canada has released two reports forecasting a robust future for Yukon's economy and labour market. Despite a projected 3.2% decline in real GDP for 2024 due to reduced mining output, the territory is expected to rebound with an average GDP growth rate of 2.1% between 2025 and 2028. The reports highlight a 10% expansion of Yukon's workforce by 2045, with significant growth anticipated in non-commercial and commercial services. This positive outlook is supported by expected growth in tourism, non-residential investment, and a strengthening consumer spending environment, painting a promising picture for Yukon's economic future.

Yukon's economic outlook: Strong labour market and sustained growth projected The Conference Board of Canada has released two reports forecasting a robust future for Yukon's economy and labour market. Despite a projected 3.2% decline in real GDP for 2024 due to reduced mining output, the territory is expected to rebound with an average GDP growth rate of 2.1% between 2025 and 2028. The reports highlight a 10% expansion of Yukon's workforce by 2045, with significant growth anticipated in non-commercial and commercial services. This positive outlook is supported by expected growth in tourism, non-residential investment, and a strengthening consumer spending environment, painting a promising picture for Yukon's economic future. #Yukon, #economic_growth, #labour_market, #gdp_forecast, #tourism, #workforce_expansion

Yukon's economic outlook: Strong labour market and sustained growth projected The Conference Board of Canada has released two reports forecasting a robust future for Yukon's economy and labour market. Despite a projected 3.2% decline in real GDP for 2024 due to reduced mining output, the territory is expected to rebound with an average GDP growth rate of 2.1% between 2025 and 2028. The reports highlight a 10% expansion of Yukon's workforce by 2045, with significant growth anticipated in non-commercial and commercial services. This positive outlook is supported by expected growth in tourism, non-residential investment, and a strengthening consumer spending environment, painting a promising picture for Yukon's economic future. #Yukon, #economic_growth, #kanadax #labour_market, #gdp_forecast, #tourism, #workforce_expansion

At AWES, we know that staying informed is crucial for designing impactful training and skills development programs. If you want the latest information and analysis on labour market trends, Future Skills Centre - Centre des Compétences futures has you covered! Their newest report, created with The Conference Board of Canada, offers insights into economic opportunities and employment growth in Yukon, Nunavut, and Northern Ontario. Dive into the full report here: https://lnkd.in/gETkgDgf

Our latest report with The Conference Board of Canada offers labour market analysis and promising economic outlooks for communities in Yukon, Nunavut and Northern Ontario. Our forecasts predict employment in Yukon is predicted to grow by 10% by 2045. Read more of our insights in the report now: https://lnkd.in/gETkgDgf

B.C.'s economy may be historically weak but it compares relatively well to the rest of Canada. We're the "best of a bad lot", one might say. Adjusted for population growth, Canada's economy has shrunk by around 0.2% per annum over the past 5 years. Canada has had the second weakest economy out of 38 advanced countries in the OECD (a group of high-income nations) over the period. In contrast, GDP per capita in B.C. has grown by about 0.4% per annum over 2018-23. This is very low compared to B.C.'s average over 2000-17 of 1.4% per annum, but right now it is the best among the Canadian provinces. Most of B.C.'s out-performance compared to other provinces can be attributed to four "once-in-a-generation" mega capital projects: Trans Mountain, Site C, LNG Canada and Coastal Gas Link. Together, these projects have contributed something like $65 billion over the past several years to B.C.'s $330 billion per annum economy. All of the mega capital projects are now completed, and B.C. has seen almost no growth in private sector employment over the past 6 years. This raises the prospect that B.C.'s economy over the next few years could start to look a lot more like the rest of Canada. Here are some comments I made on Monday night on Conversations Live with Stuart McNish. #prosperity

Alberta is leading Canada in creating prosperity and that means creating thousands of jobs. The latest projections from the Conference Board of Canada show that over the next five years Alberta will be the biggest generator of jobs. While a number of other provinces battle for second place, Alberta is indisputably the biggest job creator in Canada and will continue to be. We’re hosting this national summit on productivity to find ways to increase productivity, which will lead to higher wages and lower inflation. When the entire economy becomes more productive, that means the country can have more growth before causing inflation.

Why can't Canada be a world-leading economy? Over the coming decades, Canada’s economy is projected to be DEAD LAST among OECD countries in per capita economic growth. We are trapped in a vicious economic cycle of bad and corrupt policies, lack of investment missed opportunities, and a history of taking down job creators. Do you think this assessment is accurate, or is it overly pessimistic? #Canada #OECD #Business #Economy

Someone asked me to weigh in on Canada's weak economic growth particularly per capita. The comparison to the US is all over the national media. First, it is a denominator problem. The population (denominator) is growing faster than real GDP (numerator) ergo GDP per capita is declining. I'll point to two stats. One, a 32% decline in our trade balance with the world since the early 2000s. In inflation adjusted dollars we only exported 88 cents for every $1.00 of imports in 2022. The lowest ratio in at least 40 years. The bulk of GDP creation associated with imports occurs in the country of production. Second, our international investment position has weakened significantly since 2015. The amount of foreign investment here relative to Canadian investment abroad is now showing a huge deficit. Less relative imports and investment are two keys to the decline in GDP per capita. I am less sure than the 113 economists trotted out in the national media that cutting the denominator is the solution. It may lead to even less exports and investment.

In the territories, production slowed in Yukon and declined in the Northwest Territories, while Nunavut was the sole Canadian jurisdiction where economic growth meaningfully accelerated, with a nation-leading 3.4% increase in 2023. Although record population growth helped spur economic activity, tight monetary policy, persistent inflation and several climate change-related events constrained output growth across Canada in 2023. Higher output from services-producing industries in every province and territory bolstered overall economic growth during a challenging year for goods-producing industries in most of Canada in 2023. Real gross domestic product growth, Canada, provinces and territories, 2023 Ontario, British Columbia and Alberta were the largest contributors to economic growth in 2023 Ontario (contribution of +0.60 percentage points) was the largest contributor to Canada's economic growth, accounting for almost half of the 1.2% increase in national GDP in 2023. British Columbia (+0.23 percentage points) was the second-largest contributor to national economic growth, surpassing Alberta (+0.22 percentage points) and well ahead of Saskatchewan (+0.06 percentage points) and Quebec (+0.05 percentage points). Newfoundland and Labrador (-0.04 percentage points) was the most significant drag on national economic output for the third time in six-year StatCan Daily Released May 1, 2024