Canada with its vast natural resources and a booming multi-cultural base consisting of high skills potential is fast losing its permanent jobs due to overall erratic planning and execution. One may rightly say that Canada is one of the best countries in the world to live in. While some countries are having their share of economic troubles, internal and external security problems and rising unemployment, Canada has so far done well to keep an even keel.
There are four main sectors where any country will depend on for a strong and sustainable economy, the banking or financial sector, the educational system, the industrial or manufacturing sector and the services sector. All these areas are governed by politics. Good results needs sound political governance. Effective political governance for each sector individually is not sufficient. Since all four sectors are inter-connected, the priorities in order of importance should be right. Based on experience and evaluation of economies over a very long period of time, every country must have a sound industrial and manufacturing sector, backed by constant research and development.
Canada has vast resources of oil, diamonds and minerals. Abundance of water and electrical power are also great assets. While the large industrial manufacturers are an essential asset, the real sustainability factor is the small to medium manufacturers and businesses. These sectors must be given priority and assistance for development. We have to build up stronger export markets, while trying to cut down on imports, which sometimes is difficult due to international trade agreements. Manufacturers, who are finding it difficult to sustain profitability, opt to either outsource their needs or completely relocate in foreign countries, where operational expenses are very much less. When additional financial burdens are laid on struggling local industrial manufacturers or businesses by law, they will lay-off people or will be forced to shut down.
The high borrowing banking rates do not help either. When needed skills are not available locally, foreign workers have to be brought in, thus depriving Canadians of jobs. These workers will work for lesser wages and shorter hours also, having little responsibility and in most cases sending part of their earnings back home. The Canadians however, need a generous basic wage to sustain their families and commitments and automatic increases to counter rising cost of living. A governance...