Socio-economics in Canada
First article: Socioeconomic status of Toronto
Most people living in the cities experience mental health challenges due to stress caused by high standards of living, costly housing facilities, among other problems. On the other hand, better social amenities found on the wealthy social life of the cities are also outstanding. Living in the towns is diverse in terms of economic, social, and educational platforms. A shortage of resources leads to psychological problems among city dwellers who can hardly afford proper housing, better health facilities, and other basic needs.
The scarcity of resources leads to mental illness as a result of stress and lack of peace of mind. Fear comes from the failure to acquire elementary human needs such as food and shelter. Factors such as lack of employment and housing instability also lead to stress. People are having low-income experience higher levels of stress due to the scarcity of resources to meet their needs. People living in poverty can hardly afford to access better health facilities as compared to those with a higher income rate. Such people are more likely to suffer from mental disorders such as depression, anxiety, and as a result, they tend to be suicidal.
Possible action
Toronto has made it its responsibility to tackle the issue of stress resulting from poverty. It has initiated a poverty reduction strategy program. This strategy focuses on constructing reasonably priced housing units, introducing sponsored child care opportunities, and increasing entry to free recreational programs. These ventures are essential because they make social services inexpensive and reachable for people with a low income in Toronto. Poverty reduction strategy helps in promoting good mental health to city residents by relieving anxiety, worry, and trauma linked with failure to meet daily basic needs.
Second article: Effects of coronavirus on the socioeconomic status of Canada
Coronavirus pandemic has affected the economy of Canada to a larger extend in terms of tourism, trade, and travel. Most employees have lost their jobs through lay-off, thus making employment fall out by one million according to statistics, and this has a significant impact on the economy.
It is also predictable that the real estate sector will be affected by the coronavirus outbreak. The impact will be due to the rise in immigration rate, demand, foreign capital, property claims, and a small reduction in GDP growth. The economy will also face a reduction in the price of oil, a decrease in sales, stifled product prices, and a drop in international travel coming to Canada.
Companies in Canada will face a pinch since customers will change their consumption routines. People will cancel travel arrangements, thus affecting the travel industry. The hospitality industry will be affected in the sense that people will avoid social places such as hotels, restaurants, pubs, and clubs.
Businesses will be affected in that there will be a reduction in both the demand and supply of commodities. However, companies can handle this issue by embracing online sales and purchasing to maintain their cash flows.
The government ought to support companies and businesses during this challenging time by reducing tax rates. It should also provide loans to support businesses that are facing a financial crisis and are almost closing down, and through this, it will be sustaining the economy. Most companies are finding it difficult to pay employees wages, suppliers, and expending loans.
Third article: The economic outlook of Canada in 2019
2019 is a year with many events taking place regarding international trade. Canadian traders will benefit from robust global growth. The Canadian economy has grown hence making the bank to increase interest rates. The expansion of the economy is an excellent chance for businesses in Canada to shift and expand abroad and lead to economic growth.
The robust economy of the United States will also put pressure on the Canadian dollar. The Bank of Canada has increased interest rates gradually than the United States, meaning the loonies will be little. However, the advantage of the loonies being low is that the exports of Canada are affordable, and tourism will increase.
The rate of employment is increasing, and this means that people will also increase their expenditure. People are now able to cater to their bills.
Changes in technology and an elderly population are part of the factors that are changing the business world in Canada. The aging population is heading towards retirement, and the growth of people under working age will continue to be below. A study conducted by BDC shows that 40% of small businesses are finding it challenging to acquire the right employees, and this means a restriction to their growth, which eventually affects the economy. Entrepreneurs should handle this matter by hiring competent personnel to remain relevant and acceptable.
Technology is a factor that will affect businesses in Canada. The development of new technology is changing patterns and leading to the need for extra investment force. According to a recent study by BDC, only 19% of businesses in Canada are digitally developed, meaning there is a lot of opportunity loss in terms of sales.
Entrepreneurs seeking to benefit from the present upsurge to extend their businesses should concentrate on keeping competent workers and resources. Utilizing human resources such as immigrants or aged employees that are under-used will increase output. Companies should also focus on the use of improved technology so as they can grow and remain proficient.
References
https://creei.ca/wp-content/uploads/2020/02/cahier_20_03_self_employment_older_ages_canada.pdf
https://www.sciencedirect.com/science/article/pii/S2352827319301314
https://www.macleans.ca/economy/economicanalysis/the-economy-is-in-a-corona-coma-and-not-even-statistics-canada-can-tell-us-when-well-recover/