Tiff Macklem, Governor of the Bank of Canada, says it won’t be until 2023 that the country’s economy is back on track..Macklem spoke to the economic realities faced by businesses in Calgary and across the country, which led to an economic downturn “unlike anything we’ve ever seen..“The pandemic is first and foremost a human tragedy. It’s taken the lives of over 20,000 Canadians, and it’s not over,” said Macklem..“We’ve already climbed a long way back from the bottomless economic hole we were in last spring, a burden felt especially hard in facing the double blow of lockdowns and low oil prices..“At the start of 2020, the unemployment rate had fallen to near 40-year lows, and participation rates increased for all age groups. Wage growth rose, and the quality of jobs was improving. But in just two months, March and April, roughly 3 million jobs disappeared.”.The Bank of Canada’s latest forecast doesn’t anticipate economic slack to be fully absorbed until well into 2023, as COVID-19 hammered much of the service sectors..Macklem argues once Canada achieves widespread vaccinations, high contact service industries should resume close to entire operations, which means strong job growth, especially for hard-hit demographics like working mothers..“Alberta, like much of the rest of Canada, emerged from the latest round of containment measures where we can expect a solid rebound in the immediate months ahead,” he said..“However, the degree to which the economy can reopen depends on the path of the virus, including new variants. But with vaccinations expected to ramp up, we can be more confident in sustained strong growth through the second half of this year and into next year.”.He warned Canada would not return to the same economy before the pandemic because it adapts to “structural changes”, including resource-related jobs phased out by technological advancement..“Today, a healthy labour market remains a long way off, as the economy is down more than 850,000 jobs from before the pandemic,” said Macklem..“These losses remain concentrated among the most vulnerable, low-wage workers who are disproportionately women and youth.”.The Alberta government announced in late-2019, $10 million in funding over the next four years to boost women’s skilled trades in partnership with local non-profit Women Building Futures (WBF)..The province also pledged to increase investments in 2019 to the CAREERS: The Next Generation program to connect students with employers through paid internships and apprenticeship programs in the skilled trades..Premier Jason Kenney said his government plans to triple program funding to $6 million a year by 2022/2023..“A young, well-trained and mobile workforce will be key to our future success,” Kenney said, with nearly 45,000 skilled trade workers expected to retire in the next ten years..The investment will double the number of schools involved with CAREERS and help provide 6,000 students access to paid internships and training each year, helping 27,000 youth receive trades-related employment since 1997..Macklem said some workers would need to shift to jobs in faster-growing sectors of the economy with the Fourth Industrial Revolution’s growing advancement..“Companies will find ways to become more efficient and create new types of jobs using innovative technologies. We’ve seen this process play out repeatedly, driving progress here in Canada and around the world,” he said..“The restructuring caused by digitalization and automation was already well underway before the pandemic, and COVID accelerated the process. Like earlier technological advances, digitalization and automation will bring substantial economic benefits, including higher productivity and eventually higher-wage jobs..He also cautioned the importance of universities and colleges in building digital skills across all disciplines..“Primary and secondary schools also need greater emphasis on digital literacy,” said Macklem..“This isn’t about training children for particular jobs. It’s about preparing children for a digital future, where they are giving them the skills the digital skills they’ll need to master in whatever career they choose.”.The Alberta Jobs Now program provides grants to eligible employers to upskill or reskill workers for emerging sectors, including technology-related fields. Underrepresented groups and workers likely get priority access to the reskilling services..Though crucial details like eligibility and launch date have yet to be determined, Alberta Jobs Now — funded partially by the federal government — will receive $136 million over the next three years..Budget 2021 stipulates the program costs are subject to federal approval, with the province awaiting permission to funnel money not spent the last fiscal into the coming year..Dhaliwal is the Western Standard’s Edmonton reporter.
Tiff Macklem, Governor of the Bank of Canada, says it won’t be until 2023 that the country’s economy is back on track..Macklem spoke to the economic realities faced by businesses in Calgary and across the country, which led to an economic downturn “unlike anything we’ve ever seen..“The pandemic is first and foremost a human tragedy. It’s taken the lives of over 20,000 Canadians, and it’s not over,” said Macklem..“We’ve already climbed a long way back from the bottomless economic hole we were in last spring, a burden felt especially hard in facing the double blow of lockdowns and low oil prices..“At the start of 2020, the unemployment rate had fallen to near 40-year lows, and participation rates increased for all age groups. Wage growth rose, and the quality of jobs was improving. But in just two months, March and April, roughly 3 million jobs disappeared.”.The Bank of Canada’s latest forecast doesn’t anticipate economic slack to be fully absorbed until well into 2023, as COVID-19 hammered much of the service sectors..Macklem argues once Canada achieves widespread vaccinations, high contact service industries should resume close to entire operations, which means strong job growth, especially for hard-hit demographics like working mothers..“Alberta, like much of the rest of Canada, emerged from the latest round of containment measures where we can expect a solid rebound in the immediate months ahead,” he said..“However, the degree to which the economy can reopen depends on the path of the virus, including new variants. But with vaccinations expected to ramp up, we can be more confident in sustained strong growth through the second half of this year and into next year.”.He warned Canada would not return to the same economy before the pandemic because it adapts to “structural changes”, including resource-related jobs phased out by technological advancement..“Today, a healthy labour market remains a long way off, as the economy is down more than 850,000 jobs from before the pandemic,” said Macklem..“These losses remain concentrated among the most vulnerable, low-wage workers who are disproportionately women and youth.”.The Alberta government announced in late-2019, $10 million in funding over the next four years to boost women’s skilled trades in partnership with local non-profit Women Building Futures (WBF)..The province also pledged to increase investments in 2019 to the CAREERS: The Next Generation program to connect students with employers through paid internships and apprenticeship programs in the skilled trades..Premier Jason Kenney said his government plans to triple program funding to $6 million a year by 2022/2023..“A young, well-trained and mobile workforce will be key to our future success,” Kenney said, with nearly 45,000 skilled trade workers expected to retire in the next ten years..The investment will double the number of schools involved with CAREERS and help provide 6,000 students access to paid internships and training each year, helping 27,000 youth receive trades-related employment since 1997..Macklem said some workers would need to shift to jobs in faster-growing sectors of the economy with the Fourth Industrial Revolution’s growing advancement..“Companies will find ways to become more efficient and create new types of jobs using innovative technologies. We’ve seen this process play out repeatedly, driving progress here in Canada and around the world,” he said..“The restructuring caused by digitalization and automation was already well underway before the pandemic, and COVID accelerated the process. Like earlier technological advances, digitalization and automation will bring substantial economic benefits, including higher productivity and eventually higher-wage jobs..He also cautioned the importance of universities and colleges in building digital skills across all disciplines..“Primary and secondary schools also need greater emphasis on digital literacy,” said Macklem..“This isn’t about training children for particular jobs. It’s about preparing children for a digital future, where they are giving them the skills the digital skills they’ll need to master in whatever career they choose.”.The Alberta Jobs Now program provides grants to eligible employers to upskill or reskill workers for emerging sectors, including technology-related fields. Underrepresented groups and workers likely get priority access to the reskilling services..Though crucial details like eligibility and launch date have yet to be determined, Alberta Jobs Now — funded partially by the federal government — will receive $136 million over the next three years..Budget 2021 stipulates the program costs are subject to federal approval, with the province awaiting permission to funnel money not spent the last fiscal into the coming year..Dhaliwal is the Western Standard’s Edmonton reporter.
