Economists trim job prospects in Canadian economy—Economists

Canada, 7th August:  If you are young and looking for a job in Canada, then the prospects are no good, predict the economists.

For the rate of joblessness is not going to see any decline at least in the second half of the current year.

Poor growth, job prospects in Canada—With economists predicting a poor economic growth rate in Canada this year, job scenario for young job seekers is going to be grim. As per the estimates, growth rate in Canada is not going to move beyond 2 percent this year.

This is despite the fact that as many as 26,000 new jobs were churned in by Canada every month in the first half this year.

Canadian job prospectsGlobal economic scene pushing down Canada’s growth— A point worth mentionable here is that while Canada created more than 181,000 jobs in the last one year, what’s exactly crippling the job growth as well as the economic growth now?

Well, it’s the slow rate of growth in the global economy, economists point out. Consider, for instance, the growth rate of American economy. Right now, its just 1.5 percent. And not to forget recession engulfing several parts of European economy. So, all this has an impact on the growth rate of Canada.

According to CIBC World Markets’ chief economist Avery Shenfield, it would be quite reasonable if Canada manages to witness a growth of around 15,000 jobs every month. And it should sound as quite promising if not very optimistic keeping in view the gloomy economic scene the world over, he exclaimed.

Economic growth rate in Canada slipped down from 2.4 percent in 2011 to just around 0.1 percent in May this year. The saving face for the economy is the prediction of economic growth rate moving up to reach nearly 2 percent by the year-end. And that should sound some optimism.

Domestic scene upbeat—Despite a significant impact of global developments on Canadian economy, the scene is indeed optimistic domestically. This becomes evident from the hiring plans of companies in Canada.

As per a recent business outlook survey by Bank of Canada for the month of July, nearly more than half of the companies sounded positive regarding hiring in the next one year. And the number of those planning to reduce their workforce was merely 6 percent.