Downturn in Canada's Economy Predicted
In a speech to the
Ontario Economic Leadership Summit in Niagara-on-the-Lake,
Bank of Canada Governor Dodge reviewed the Bank's
projections contained in the Monetary Policy Report,
published last week. Global economic growth is expected to
be a little higher than previously anticipated, but a
weaker near-term outlook for the U.S. economy has curbed
the near-term prospects for Canadian exports and growth,
the Governor said. The Bank's base-case projection now
calls for average annual GDP growth of 2.8 per cent in
2006, 2.5 per cent in 2007, and a return to 2.8 per cent
Governor Dodge pointed out that Ontario's economy will be
affected more than the national average because of the
close ties between the province's industrial base and the
two sectors of the U.S. economy that are slowing the most:
automobiles and housing. "Nevertheless, modest growth in
Ontario's economy should persist," Governor Dodge said.
"Seventy per cent of Ontario's economic activity comes
from the service sector, and that sector remains in good
He goes on to say “… the cyclical pullback in the U.S.
housing and auto sectors is causing particular
difficulties for Ontario. Given the degree of integration
of the Ontario and U.S. economies, this province will feel
a significant impact from the U.S. downturn throughout the
second half of this year and the first half of 2007. When
you consider that automotive products made up 44 per cent
of Ontario's merchandise exports last year, it is clear
that the U.S. downturn will likely affect Ontario more
severely than other provinces.”
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Capitalizing on Canada's diversity is key to nation's
RBC report says $174 billion in
higher personal incomes at stake
TORONTO, October 20, 2005 — Eliminating age, gender
and cultural barriers could add 1.6 million Canadians to
the work force and increase personal incomes by $174
billion according to a new report from RBC Economics,
entitled "The Diversity Advantage: A Case for Canada's
21st Century Economy."
The report outlines a hard-hitting case for a national
productivity agenda, containing 22 recommendations ranging
from tax and policy reform, greater infrastructure
funding, sweeping reforms applied to municipal finances,
increased levels of immigration and ways the country
should capitalize on cultural, gender and age diversity.
"With an aging population, fertility rates well below the
2.1 rate that is necessary to sustain population levels,
and one in five manufacturers unable to find skilled
labour, Canada needs to have an effective long-range
economic strategy to ensure a successful 21st century
economy and society," said Derek Holt, assistant chief
Without a talented workforce, Canadian businesses will be
unable to achieve corporate strategies for innovation and
growth. The report suggests that immigrants, women and
baby boomers approaching retirement will need to play more
significant roles in the country's workforce, as Canada
needs to capitalize on the broader economic benefits that
a more diverse population has to offer.
"To replace retiring baby boomers and maintain our current
economic performance, Canada will need an additional 2.75
million workers over the next 20 years. This is over and
above future projected workforce growth derived from
current immigration practices and from mapping today's
employment rates for women and immigrants onto Statistics
Canada's population projections," said Holt. "If
immigrants and women were employed at their level of
education and skills training, earning equal pay to men
born in Canada, personal incomes in Canada would increase
by 21 per cent or $174 billion, and 1.6 million more
working-age Canadians would be employed."
A key issue in the report is immigration. Canada has been
successful integrating immigrants into mainstream society;
however, it has not truly capitalized upon the talents
that immigrants bring with them. Many struggle when
entering the workforce with their lack of employment
experience in Canada, difficulties in transferring foreign
qualifications and language issues, with only 40 per cent
finding employment that matches their skill set. By
addressing and providing solutions to each of these
challenges, immigrants can be successful and productive in
the Canadian workforce.
"The government needs to consider increasing the number
of immigrants from current levels of 220,000-245,000 to
between 300,000 to 400,000 per year, if Canada is to
continue to prosper and meet future labour requirements,"
said Holt. "Current immigration policy will not
address future workforce requirements as the boomers
retire and demand for labour grows in a growing economy."
The report also highlights the need for better
coordination and integration of immigration policies
across municipal, provincial and federal levels of
government. The current compartmentalized system is
unworkable, with the federal level of government
controlling immigration policies, provinces overseeing
professional certifications and labour movements, and
municipalities providing integration and placement of
workers as well as the infrastructure needed to support
Property at Kirby Road – End of the Saga ?
Edited Excerpts from PULSE
the GOA Building Special General Body Meeting held on
April 30, 2006, the following motions were approved:
“That the G.O.A. executives be given approval with
selling of the property and that the general body will
accept a minimum offer of $1.4 million”
“That the Building Sub-Committee continue the actions
of doing whatever is necessary to enhance the value of
Click to enlarge
Based on the above the Sub-Committee conducted an
Environmental assessment and determined that 2 acres
(of the 10 acres) could be potentially developed for a
Community Centre or put to similar use, subject to
In June of 2006 an unsolicited offer was received
which was not acceptable to the Sub-Committee, who in
turn proposed a counter offer of $1.5 million with no
If accepted the Completion date for the sale is
December, 15, 2006.
"The Story of Jesus in Asia: A
Celebration of Faith and Life."
Contemporary Asian Cultures Highlight Jesus At Asian
CHIANG MAI, Thailand (UCAN) -- The last full day of the
Asian Mission Congress (AMC) focused on placing the story
of Jesus within Asia's richly varied cultures.
The participants spent Oct. 21 focused on "The Story of
Jesus in the Cultures of Asia," a specific dimension of
the overall AMC theme, "The Story of Jesus in Asia: A
Celebration of Faith and Life."
All but about 50 of the 1,000 or so people who attended
the Oct. 18-22 congress in Chiang Mai, about 700
kilometers north of Bangkok, were from Asia.
Earlier plenary sessions discussed Jesus' story and its
place within Asia's many religions, and the third full
day's discussions again included interfaith concerns.
However, the featured presentations that day centered on
contemporary culture, and dealt particularly with youth
and media, migration and consumerism.
By that day, the participants not only tackled the final
workshop-and-feedback sessions like veterans, but had
become much more comfortable with each other. One could
sense their air of familiarity, and abundant fellowship.
As the AMC drew to a close, the attendees took more
photos, and exchanged e-mail addresses, phone numbers and
addresses. Plenty of gifts were exchanged during and after
the evening's final event, the "grand socialization."
The day opened with a Mass presided by Cardinal Ricardo
Vidal of Cebu, Philippines, followed by presentations on
the cultures of Asia -- factual, concrete productions that
provided an overview of the continent's many nations.
The five speakers who shared stories of faith in the early
afternoon did not say much about traditional religions
such as Buddhism and Hinduism, but offered personal
stories of Jesus in their respective experiences of
World Goa Day Celebrated in Karachi
Santamaria has uploaded photographs of the World Goa Day
2006 Celebrations in KARACHI , Pakistan.You can view them
Message from Rene Barreto.
(Click on thumbnails for larger view)
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