The economic storm reaches Canada | CBC News

CBC News, James Alexander Michie
CBC News James Alexander Michie

Warning signs global economic chaos could spread to Canada: Don Pittis

Author: James Alexander Michie

Even though last week the recent figures of the nation’s economic growth came out at an annual rate of 2.6%, which was a bit surprising for many besides the booming jobs and GDP, they have not been enough to avoid that the chaos unleashed by the economic storm that is taking place now affects Canada.

One of the nations affected by it has been Turkey which is considered as the last nation that could be affected by the political and economic chaos, has been impacted by an economic disaster.

After that, a series of events has been unleashed, among which it could be highlighted that, despite the fact that Canada was backing its unemployment rate, which has been measured as a percentage of the population, the employment rate and the participation rate of Canada now. exceeded that of EE. UU., before leaving as a consequence that the same raised the Canadian dollar, but otherwise the same low almost half a cent after a few hours of these results were announced.

As mentioned before, despite the figures, Canada failed to boost itself and the Canadian dollar due to the current geopolitical climate according to analysts, but it was not the only affected country since, on the other hand, the Turkish lira has been in decline. free and in the same way some consider that this has caused contagion fears since Italy, France, and Spain have high exposures.

It is important to emphasize facts such as the fall of the shares of European banks with Turkish exposure as well as the currencies that have similarly been affected such as those of Argentina and South Africa.
However, everything seems to point to the fact that the currency of the United States is, in fact, rising as a result of the measures taken by global investors who sell assets in nations in progress and then acquire those designated in US dollars, which could be considered as an of the reasons why the Canadian dollar does not rise.

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Source: Don Pittis | CBC News


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