https://padlet.com/spencerthurston/aavtvvpjethlz5pn Assignment 2 en-us 2021-04-05 20:18:37 UTC 2026-02-23 08:44:47 UTC hello@padlet.com spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384691321 Hello everyone who may be reading, in this Padlet, I will be talking to you about Economic Growth and Unemployment in Canada. I hope you enjoy!]]> 2021-04-05 20:37:29 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384691321 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384732938 This video talks about what experts believe will happen in 2021 for economic growth. Based off of the growth in October and November of last year, experts believe there will be a 5% increase in the GDP of Canada. They state that with the rollout of vaccines and the picking up of construction and other services, this will allow growth in the economy, hopefully with an end to waves of lockdowns in provinces and territories. ]]> 2021-04-05 20:54:46 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384732938 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384749271 After almost reaching an unemployment rate of 8% from the Pandemic (6% before the pandemic started), there is a strong belief that there will be a major bounce back of jobs coming in the near future. With the lifting restrictions on Bars, Restaurants, and other industries, companies will be looking to hire more and more people in the near future as the population becomes vaccinated and restrictions are slowly being lifted across Canada.]]> 2021-04-05 21:02:06 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384749271 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384768477 With a third wave coming in Canada, it may seem like Canada is going nowhere when it comes to growth after the Pandemic, but there is a light at the end of the tunnel. 17'000 new businesses with at least 1 employee have been created in December of 2020, the highest monthly increase in 5 years. With the opening of new and old businesses, employers will be searching for new employees for when the Pandemic is over, and this will cause a massive spike in the Canadian economy and decline in unemployment. ]]> 2021-04-05 21:09:54 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384768477 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384779814 The Canadian economy added 259'000 jobs in the month of February, smashing all expectations, and bringing Canada closer to pre-Pandemic times. One year into the pandemic, the job market is almost 600'000 short of what the expectation would've been before the pandemic. With the unemployment rate reaching 8%, the increase of 1/4 million jobs is a step in the right direction in trying to get back to pre-Pandemic times.]]> 2021-04-05 21:15:19 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384779814 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384795809 In this graph, you can see the level of the Canadian GDP before and during the Pandemic. The sharp drop indicating when the first lockdown in Canada happened, bringing our economy to a complete halt. This crash being as bad as the collapse in 2009.]]> 2021-04-05 21:23:44 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384795809 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384900763 An exceptionally high amount of Canadians believe that the housing market will increase in the next few months with the reopening of Canada, up to 60%. With this increase in the housing market expecting to come, Canadians believe that there will be a great amount of economic growth coming within the next 6 months, around the time that most citizens will be vaccinated and when life can start getting back to normal.]]> 2021-04-05 22:23:09 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384900763 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384909270 Unemployment from December to January went from 8.8%, to 9.4%, with over 200'000 jobs lost in those few months. This has led to worries that the constant lockdowns are erasing the progress that Ontario and Quebec have made in job recovery and economic growth. With a 3rd lockdown happening in the month of April, this downward trend of unemployment may not stop for another few months. ]]> 2021-04-05 22:28:58 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384909270 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384916153 Treasury Board President Jean-Yves Duclos states that in his experience with recessions and depressions, the biggest problem is citizens being under-prepared and under-investing. He has stated "That is a very unfortunate outcome because it means that we are then faced with higher unemployment, lower growth, lower living standards for Canadians and therefore lower taxes and greater deficits over the longer term."]]> 2021-04-05 22:33:56 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384916153 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384925876 With the Pandemic, many people have lost their jobs due to lockdowns and restrictions. But it may be having the biggest impact on young Canadians. Around 30% of young Canadians are currently unemployed due to the Pandemic. This spike in job loss has caused a big increase in mental health issues such as Depression, Loneliness, as well as feelings of severe Anxiety. 27% have admitted to binge drinking as a result of the massive spike of unemployment. ]]> 2021-04-05 22:40:38 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384925876 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384934108 In the picture shown below, you can see the unemployment rate of Ontario at the beginning of the Pandemic. Rising to almost 14% in May of 2020, over double of what the unemployment rate was just 3 months prior. ]]> 2021-04-05 22:46:10 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384934108 spencerthurston https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384954281 The biggest thing that I learned about this topic is that the Pandemic has done a lot to the Canadian economy in relation to unemployment and the GDP of Canada. Last year in March, the economy of the world basically was put to a grinding halt with the increase of COVID. Small businesses have been hurt big time because of these lockdowns. Big businesses like Walmart and Amazon have been able to thrive in this Pandemic, while mom and pop shops have been forced to close down because of the restrictions. 

A real life example of this Pandemic effecting small businesses is with my family's business. My dad owns and runs a pool store, and honestly, this pandemic is probably the best thing that could've happened for us. My family had a record year financially and we are already booking pool construction for 2022. Although my dad's company has done great, other family's have suffered greatly. I am friends with a couple of Oshawa Generals players, and they have been waiting around for the past year waiting for a season to start, if one ever does. As well as the NHL, MLB, and NBA losing billions of dollars because of not being able to have fans in the stands. 

I think the most important thing that I could pass on to a family member or friend is that there is a light at the end of the tunnel. The past year has been tough for a lot of people, and easy for some. But things will get better. It may not be tomorrow, next month, or in 3 months, but things will return to normal and we can pretend this disaster never happened. We will look back on this 10 years from now and laugh at the last 12 months that has happened. ]]> 2021-04-05 23:00:11 UTC https://padlet.com/spencerthurston/aavtvvpjethlz5pn/wish/1384954281