It seems like all the glorious promises made by Justin Trudeau and his liberal party members may end up being nothing more than sound bites for the future as the ground realities indicate that the economy continues to stagnate.
As per the latest report presented by the prestigious Macdonald-Laurier Institute’s Leading Economic Indicator (LEI), the Canadian business cycles seems to be experiencing its worse growth in decades. What makes the news even more depressing is that it comes after gains were made during the last days of the Conservative government.
The housing index did see improvements but overall, the economy is simply not growing as much as it should. Experts from the institute believe that the reason for this abrupt stagnation in growth is primarily due to the tariffs that have been imposed by the US on the import of Canadian metals.
The Bloomberg index of consumer sentiment which is another prestigious name carried even bleaker news as it indicates that the economy is not only slowing down, it’s doing so at record pace. Since the US tariffs came into place, there has been a decrease of nearly 1.4% in economic growth across the Canadian market.
What makes this entire fiasco so unacceptable is that when the liberals presented the growth of the quarter as something the government and the people of Canada should be proud of, they completely left out the part where the growth rate was nowhere near where it should’ve been as a direct result of the Trudeau policies.
Bloomberg has said that the LEI doesn’t show any prospects of improving, and chances are that this decline in economic growth will continue in 2019 as well.
Emmy Skylar started working for Debate Report in 2017. Emmy grew up in a small town in northern Manitoba. But moved to Ontario for university. Before joining Debate Report, Emmy briefly worked as a freelance journalist for CBC News. She covers politics and the economy.