Global Financial Crisis Lowered Down Canada’s Hiring Chances

Since the decline of the global economy in 2009, which affected Canada, more and more companies are holding back from investing and hiring for the next year. This is according to the Central Bank.

In a business outlook survey conducted by the central bank, the road to a successful and profitable business will be darker as companies are currently being affected by commodity-price shock. Even the resource sector didn’t get the chance to escape from this dilemma.

According to the results of the survey, the expectations of many companies, huge and small have declined because of the sudden price plunge, which affected the majority of the nation’s businesses. With that, a deeper analysis on the current dilemma has become the main topic on the news.

As what was written on Capital Economics, David Madnani said that the lowered hiring intentions “point to negative net job creation this year, a sign perhaps that the economy is on the verge of a full-blown recession.” Not only that, he also warned about the oil-led recession, which has been experienced the past year. According to him, this may not be the end.

On the middle of November and start of December, the quarterly survey had been conducted just before the dollar and oil prices continue to fall down.

But since it has been foreseen that the U.S. economy is getting high, exporters’ expectations remained high for the coming year as foreign demand will also elevate.

The tourism industry is seen to boost as the dollar’s value dropped. This is what certain firms believe in. But, things may be different when it comes to other industries as the drop of dollar increases the import costs of products and services.

Whatever is the situation right now, the most important thing is to deal with it and try to survive until everything goes back to normal.

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