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Old 10-11-2024, 11:08 AM   #14345
ThePrince
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Originally Posted by Ozy_Flame View Post
Ok, so you're focusing on the O/G industry, which contributes 3.2% of Canada's total GDP.

Let's look at some other facts about the marcro-level Canadian economy:

While it's true that investment is a key driver of economic growth, it's important to look at the broader context. Canada remains an attractive destination for investment due to its strong financial sector, highly educated workforce, and access to global markets, including through trade agreements like CETA and the USMCA.

In fact, despite global economic challenges, Canada continues to see significant investments in industries like tech, green energy, and natural resources. For example, companies like Amazon, Microsoft, and Tesla have increased their footprint in Canada in recent years. According to the Brookfield Institute, tech is the fastest-growing sector in Canada, employing over 1.72 million Canadians in 2022, contributing more than $96 billion to the economy. And as for green energy, according to Clean Energy Canada, the country attracted $25 billion in clean energy investments in 2022 alone, a sector that’s critical for future economic growth and global competitiveness.

As for natural resources, in 2021, investments in oil, gas, and mining rose to approximately $26 billion after a recovery from pandemic lows. Projects like the TMX and liquefied natural gas (LNG) export facilities on the West Coast are multi-billion-dollar investments that demonstrate confidence in the sector. Then you have things like the Ring of Fire in Northern Ontario, with estimates of $60 billion in potential value in mining exploration.

As for immigration, it's actually a long-term strategy that supports economic growth. With an aging population and low birth rates, Canada relies on immigration to fill labor shortages and maintain a healthy economy. Immigrants contribute to the workforce, start businesses, and drive innovation. Without immigration, labor shortages would worsen, harming productivity and growth.

And government jobs, while a part of the equation, aren't the whole story—private sector job growth continues to outpace public sector growth. For example, Canada saw 346,000 jobs added in the private sector in 2022, primarily in professional services, construction, and manufacturing, while government job growth was comparatively slower .

Let's not pretend like Canada is 'failing', especially when O/G is just one piece of the pie, and immigration is the hot topic of the day. Dollars to donuts the Conservatives reel in student visas, but not immigration targets.
You asked for some sources, I provided them. You can’t then move the goalposts and talk about how that doesn’t matter to you with numbers out of context.

3.2% is just the impact of the upstream business. When you look at the full supply chain it’s more like 7.5%. And that’s just direct contribution to GDP. That also doesn’t count all of the hospitality, retail, and service jobs that are created because cities like Grande Prairie, Fort McMurray, etc. wouldn’t be around without the industry. That doesn’t count the increase in real estate’s contribution to GDP because the industry is higher paying than almost any other industry out there.

https://www.ivey.uwo.ca/media/379294...ditedjan13.pdf

That’s a significant portion of our economy for a government to actively try and dismantle, and to try and paint that as anything but extremely negative for Canadians is ignorant at best, and damaging at worst.

In any case, the argument was whether the current government has done irreparable damage to the country and based on everything I’ve stated, my view is that they have.

Last edited by ThePrince; 10-11-2024 at 11:15 AM.
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