Canadian economy: Past and present

Image copyright Reuters Image caption While American politicians grumble about the failing US economy, Canadians were too busy to read newspapers this week An alarming new survey from The Angus Reid Institute has suggested…

Canadian economy: Past and present

Image copyright Reuters Image caption While American politicians grumble about the failing US economy, Canadians were too busy to read newspapers this week

An alarming new survey from The Angus Reid Institute has suggested that Canadians are becoming more frustrated with their own economy.

The Angus Reid Institute polled over 3,000 Canadians earlier this month and the figures suggest Canadians are not pleased with what is happening to the economy and the lack of access to cheap housing and healthcare.

The report finds that Canadians are very pessimistic about the country’s future economic performance.

Social commentary

Image copyright AFP Image caption A recent study by the OECD suggested that net migration to Canada slowed sharply in 2017

Gloomy comments on our economy are not a new phenomenon, but what has caused the change?

However, things are far worse south of the border where commentators have been quick to blame President Donald Trump for economic anxiety in their nation.

The Bank of Canada is concerned that the politically charged United States could be unable to successfully cut back on tariffs on Canada.

On the other hand, many Canadians, including Prime Minister Justin Trudeau, have defended Mr Trump’s economic policies.

The prime minister argued that Canada could end up experiencing more geopolitical instability if the US reduced its trading relationship with Canada.

The Angus Reid Institute found that though Mr Trudeau was one of the country’s biggest defenders of the Trump administration, many Canadians also claimed that their government has sided with the US president more often than not.

Image copyright Reuters Image caption Canadians are more worried about money and housing than they are about other economic issues

To many, it appears the Trudeau government has become a walking dare to a hostile American government.

Unsurprisingly, these feelings were also reflected in the survey when respondents were asked if they thought Canadians should be “more of a united front in commenting on the United States to help boost Canada’s economic role in global markets.”

The sentiment was so strong that more than 55% of respondents said that Canadians should be “less of a united front in commenting on US policies that affect the economy”.

Interest from foreign investors

This crisis has even reached the stock market where many Americans have turned to foreign investments.

An upcoming Bank of Canada report, based on a recent study by the OECD, suggests that net migration to Canada slowed sharply in 2017 as many would-be immigrants found that American opportunities were simply too enticing.

It is unclear if the same will be true for Canadian investors if US economics continue to slump.

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