Business leaders urge Ottawa, provinces to work together to ‘open up Canada’
The head of Business Council of Canada Goldy Hyder asks Ottawa and the provinces to reconsider the re-opening rules and ease provincial control in order to make the first phase of reopening after the COVID-19 pandemic as successful as possible. Goldy Hyder told the Financial Post that if the restrictions are not eased in the places where there are relatively low COVID-19 cases, the businesses might never be able to recover. The hospitality sector will struggle the most along with the tourism and travel sectors.
The sector which includes canadian online casinos employs many Canadians and they will all be left without work. Canada has not only international travel restrictions but also inter-provincial. This is the main reason why Rocky Mountaineer, offering adventure tours in British Columbia and Alberta will now be closed until August 30. Mr. Hyder is worried that many businesses will not be able to recover even after the lockdown and even extending the subsidies will not help. He further added that the government should prioritize opening Canada for the Canadians. Hyder, representing all business sectors across Canada, wrote a letter to the Federal Finance Minister Bill Morneau emphasizing the travel, tourism and hospitality sector that suffered the most and urged the government to provide additional support.
Digital charter could be a rescue during the recession
Canada supports the development of the digital economy and tries to create a thriving ecosystem for tech projects. Canada’s Digital Charter is a document published in 2019 and is a roadmap for the development of the digital economy of the country. The Digital Charter emphasizes principles such as equality and transparency and aims at creating equal access to digital technologies for Canadians, creating a transparent digital world that is safe for everybody. The work on the Digital Charter began in 2016 when the government of Justin Trudeau was elected. Since then the government helped the traditional economies to adopt new technologies and create an environment in which digital economies will thrive further. Because of digital charter, the crypto industry and Canadian online casinos create perfect symbiosis. iGaming was on the way to big success from the start of the previous decade but allowing cryptos as the payment option delivered the iGaming industry onto another level. Legit Canadian online casino platforms started accepting digital currencies back in 2017 and the rest is history. Adoption of crypto was the single biggest decision made by Canadian authorities as Canadian casinos boomed worldwide. Online casinos became easily accessible for users from outside the country. The difficulties associated with the traditional money transactions and international exchange rates were lifted.
Bank Of Canada: Business Optimism Falls To Great Recession Levels
Canada started reopening the businesses after the COVID-19 pandemic, but the business optimism is dropping. It is the lowest the country has seen since the Great Recession, according to the Outlook Survey Q2 2020 released by Bank of Canada. When the business optimism goes down like this, it usually leads to a recession. The data-point was surveyed from mid-May to early June. The economy was already partially reopened by then, so the dates are noteworthy. Businesses determine the hiring process and the investment, therefore a quick recovery is highly unlikely. The Canadian Business sentiment is on the lowest point it has been for a while now. The index read -7 is the lowest since the first quarter of 2009. The fact that the business leaders think the economic prognosis does not look hopeful, might actually lead to a recession.
