Friday, March 5, 2021

Canada plans post-pandemic spending splurge to kick-start economy

The country is currently battling a rampant second wave of Covid-19 infections.

Other News

Pengerusi BN terus gesa sidang Parlimen ketika darurat

BN menganggap kenyataan Menteri Di Jabatan Perdana Menteri Takiyuddin Hassan semalam mencabar kuasa Agong.

PN masih utuh, kata Bersatu

Bersatu menyatakan penghargaan kepada semua parti komponen Perikatan Nasional yang masih setia dengan gabungan itu.

Bersatu says PN still in charge, views Umno decision seriously

The party says its focus is on the economy and the pandemic, and that it takes a serious view of Umno's decision.

Hanya MySejahtera digunapakai bagi solat Jumaat di Selangor berkuat kuasa esok

Sebarang aplikasi pengimbas selain MySejahtera tidak diterima oleh Jais bagi jemaah yang ingin masuk ke dalam masjid dan surau.

BN chief Zahid repeats call for Dewan Rakyat sitting during emergency

The BN chairman also hits out at PAS' Takiyuddin Hassan for ruling out any parliamentary sitting during the virus emergency.

Canada’s federal government says it will spend C$100 billion (US$77 billion, RM300 billion) to kick-start the country’s economy as soon as Covid-19 is in retreat.

“It will be the largest economic relief package for our country since the Second World War,” Finance Minister Chrystia Freeland said on Monday.

The plan includes relief for hard-hit businesses, loans for devastated industries like tourism, travel and the arts, and investment in long-term care homes.

The announcement comes as the enormous country battles a surging second wave of Covid-19 infections, says the BBC.

The number of active cases has more than doubled in November alone, bringing total infections to more than 376,000. So far, more than 12,000 Canadians have died, according to Johns Hopkins University

As infections climb, coronavirus shutdowns have battered the country’s economy. Last month, Statistics Canada reported an unemployment rate of 8.9%, meaning there are 1.8 million Canadians unable to find a job.

“When the virus is under control and our economy is ready for new growth, we will employ an ambitious stimulus package, to be spent over the next three years,” Freeland told the House of Commons. The spending will amount to up to 4% of Canada’s GDP.

Additional millions will go to vaccine agreements. “Canada has secured the most diverse vaccine portfolio in the world,” Freeland said. “We have secured seven different vaccine purchase contracts, enough for each Canadian to receive 10 doses free of charge.”

To pay for the wide-ranging plan, Ottawa is prepared for its largest budget shortfall since World War Two.

Freeland defended the record deficit as affordable thanks to low interest rates, and necessary for Canada’s economy.

“As we have learned from previous recessions, the risk of providing too little support outweighs that of providing too much,” she said. “We will not repeat the mistakes of the years following the Great Recession of 2008.”

Follow us on Telegram for the latest updates:

Subscribe to our newsletter

To be updated with all the latest news and analyses.

Related Articles

Malaysia remains among freest economies, improves in integrity, says US index

The Heritage Foundation places Malaysia in the 'Mostly Free' category, hailing its anti-corruption plan.

Sweden sees first case of baby infected with Covid-19 in the womb

The baby was also found to have developed its own antibodies against the virus.

Over half of Malaysians struggling to meet expenses with current income, survey shows

A similar number say they are dipping into their savings to make ends meet.

Chinese paper manufacturing giant committed to boosting Malaysia investment by RM5.4 billion, says PM

Muhyiddin Yassin says the increase in investment reflects the confidence of foreign investors in continuing to make Malaysia their destination of choice.

RM164 billion investments approved in 2020, in drop from 2019

Senior minister Mohamed Azmin Ali says these investments are expected to create 114,673 jobs in various sectors of the economy.