More signals of a Roaring '20s rebound for Canadian economy when pandemic ends

[Allan]

Interesting article on the likely 'bounce' when things get back to (new) normal. My GF and I are in this boat. Other than some improvements in the yard we've not spent anything since this started. She's been laid off twice due to Covid restrictions but received the $500/week CERB both times so didn't suffer financially.

So when this is over we'll get back to traveling and eating out etc to spend some of that savings.

I'm curious if other Canadians also have accumulated savings and will let loose when this is over.

Gloomy headlines about the collapse of the Canadian economy, which faced its worst retreat since records began, may have obscured some startling new evidence for a strong rebound.

As we reported on Tuesday, the impact of the COVID-19 pandemic put Canada's economy into a tailspin, making 2020 the worst year on record, with gross domestic product declining by 5.4 per cent.

But other data out this week, including some buried amidst those latest bleak GDP numbers, tells a different story. It shows that high levels of savings and government income support have bolstered the economic well-being of households — notably among the youngest groups and those with lower incomes.

Link

 

[americanwoman]

Interesting article on the likely 'bounce' when things get back to (new) normal. My GF and I are in this boat. Other than some improvements in the yard we've not spent anything since this started. She's been laid off twice due to Covid restrictions but received the $500/week CERB both times so didn't suffer financially.

So when this is over we'll get back to traveling and eating out etc to spend some of that savings.

I'm curious if other Canadians also have accumulated savings and will let loose when this is over.



Link

I'm not Canadian but I have accumulated some savings that I plan to blow. I cannot wait to travel and visit a nice casino with no worries!

 

[soylentgreen]

That is what we have found in nz. Now that we are( mostly) covid free the economy is doing far better than predicted. The loss of foreign tourists have in part been made up by locals travelling and visiting tourists spots. Money that was once spent travelling to other countries is now being spent on upgrading their house and/or travel within the country.

Do not let the americans with their predictions of doom fool you. There's is a weak economy apparently that cannot weather a shut down that as you are now finding out, does not ruin the economy.

 

[Lord Tammerlain]

The biggest drawback will be government debt

 

[soylentgreen]

The biggest drawback will be government debt

Name a time when your government was not in debt.

 

[Lord Tammerlain]

Name a time when your government was not in debt.

It is the magnitude of the debt that is different

Last year Canada borrowed 389 billion dollars

In 2019 it borrowed 19 billion, we probably came close to doubling our debt at the federal level

 

[COTO]

"...when the Pandemic ends".

Ah, optimism springs eternal.

 

[soylentgreen]

It is the magnitude of the debt that is different

Last year Canada borrowed 389 billion dollars

In 2019 it borrowed 19 billion, we probably came close to doubling our debt at the federal level

The magnitude of the debt is its own failsafe. The old cliche of when you owe the bank a hundred dollars, your in trouble. When you own them a few trillion dollars, they are in trouble.

https://www.bloomberg.com/news/arti...harsh-lockdown-paying-off-as-economy-rebounds

New Zealand’s government said the fiscal and economic impact of the coronavirus pandemic will be less severe than first feared as its decision to impose one of the world’s strictest lockdowns pays off.



Economic growth will recover more rapidly while budget deficits and net debt will be much lower than expected just three months ago,

Lockdowns do not **** up your economy as some of these people keep saying it will.

 

[JANFU]

Interesting article on the likely 'bounce' when things get back to (new) normal. My GF and I are in this boat. Other than some improvements in the yard we've not spent anything since this started. She's been laid off twice due to Covid restrictions but received the $500/week CERB both times so didn't suffer financially.

So when this is over we'll get back to traveling and eating out etc to spend some of that savings.

I'm curious if other Canadians also have accumulated savings and will let loose when this is over.



Link

We saved on vacations grandchildren did well.
We helped family and others, but finished the lat year with an increase in savings

Noted this for those that want to travel to tourist hot spots, expect some prices to be off the wall
@americanwoman

$300 a day for a rental car? There’s a reason for that

Last weekend in Florida, 18 of the state’s 20 largest airports were totally out of cars, according to Jonathan Weinberg, the CEO of AutoSlash, a site that helps car renters find the lowest pr…

www.mercurynews.com

 

[JANFU]

It is the magnitude of the debt that is different

Last year Canada borrowed 389 billion dollars

In 2019 it borrowed 19 billion, we probably came close to doubling our debt at the federal level

And Trudeau wants to be Mr Wonderful with debt- he sidelined a leadership challenge by putting Freeland as Finance Minister is also quite eager for dramatic spending.

IMHO the leading challenger to Trudeau if he holds an election and ends up with a minority

My opinion- no spring election as C19 variant will be ravaging 3 Provs. in order, Ont, PQ, AB

Now a fall election IMHO is more probable

 

[JANFU]

"...when the Pandemic ends".

Ah, optimism springs eternal.

C19 is far from ending
How I look at it
US/Canada/Eastern/Western Europe(excluding Russia/Stans) will have either been vaccinated or will be by late fall

Variants issue - we see how well C19 has mutated with newer versions that have an est 60% increase in lethality

Europe- approving 3 new sites for vaccine production

Meanwhile SA/Stans/Parts of Asia and all of Africa will be breeding grounds for a possible more lethal version

From what I understand - Moderana/Phzer/BionTech can quickly produce vaccines for newer variants

What I find suprising is how Govts knowing months ago the lead horses for approval, why they did not prepare sites to produce vaccines

Now for vaccines which can be quickly modified/safety trial for new variants will come at a much higher price than the 1st vaccine costs