Economic Meltdown, Is it

The $700 billion bailout plan by the US government and latest short term interest rates cut by Central Banks of United States, Canada, Sweden, Switzerland, England and the European Union have not resulted in the expected positive effect on the world stock markets. Specially in the United States, the real estate market continues to be in doldrums, unemployment rate jumped to 6.1%, stock market is down and car sales shrinking. In  Canada, exports are down, CA$ had a free fall, real estate market has stagnated, stock market performance is listless, and increasing unemployment / layoffs a major threats.

The million dollar question is how to check the impending economic meltdown and recuperate the Canadian economy?

There are 101 ways to skin a cat. My way is to diversify the economy & trade in order to reduce dependence on the US markets. (As Canadian economic fundamentals are better, however we are still badly affected due to over-reliance on south of border). I think trade can be expeditiously diversified by encouraging and facilitating new Canadians to look for business opportunities with their country of origin. This will be a win-win situation for the government and the unemployed & underemployed new Canadians.

Do you agree with the above strategy? Please comment below.

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About Fazal Siddiqi
Fazal Siddiqi Writes on current marketing, branding, communications, diversity and socio-economic opportunities & challenges. He lives in Canada and works for OPAL Marketing Group.

One Response to Economic Meltdown, Is it

  1. Shehzad Asghar says:

    Dear Sir,
    I totally agree with your analysis. Canada is well positioned to diversify its imports and exports as there are no excuses to do otherwise. For starters, Asia offers a)cheaper replacement cost, b)quality as good or better, c)supporting immigrant population from Asia, d)Qualified pool of immigrant experience and skill set, e)abundance of natural resources including commodities etc. etc. NAFTA under the current economic scenario is reduntant as it does not address global challenges and opportunities and takes away lot of attention and time and resources from global percepective. Canadian politicians have to work towards eliminating strong subtle discriminatory policies in employment, recognition of immigrant credentials and making Canada a melting pot in strict sense of the word.

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