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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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.
It also burns the planet. We kinda need that.
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.
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.