Weekly Digest – 29 November 2023

Weekly Digest – 29 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

No firm commitment to balance the budget: What economists are saying about Ottawa’s fiscal update

The federal Liberals unveiled a series of measures aimed at addressing housing affordability in their Nov. 21 fiscal update, but also emphasized the need to keep government finances under control. Here’s what economists are saying about the update and what it means for spending this year, and into the future.

Fighting to get back to low inflation

Governor Tiff Macklem outlines how high inflation is hurting Canadians and how monetary policy is working to bring it down. He also explains why the Bank of Canada must stay the course in its inflation fight.

Canadian business leaders optimistic in face of economic headwinds

A recent survey conducted on behalf of ATB Financial of Canadian business leaders finds that more than seven in ten (73%) business leaders are optimistic about the overall economic outlook for Canadian businesses in the next five years. However, this optimism comes as seven in ten (71%) business leaders expect there to be a recession in Canada sometime in the next six months.

In an uncertain economic climate, the federal government banks on hope

The Fall Economic Statement hinges on an improving economy, which is no sure thing. Almost any budgetary process is an exercise in optimism. The federal government hopes it can hold the line on program spending. It hopes the global economy is on the road to a better place. Mostly, it hopes things don’t get worse.

Canada’s unprecedented housing crisis could be a warning sign for the US

The housing affordability crisis in the US is bad — but Canada may have it worse. The average home value in Canada has more than doubled since 2011. The country is also almost certainly heading toward a recession — if it’s not already in one — and the housing market is partly to blame, economists say.

U.S. business sentiment on Canadian economy hits ‘record low’

American business executives with ties to Canada are wary of the country’s economic future, causing their sentiment on the Canadian economy to reach an all-time low, according to a new survey. The chair of the American Chamber of Commerce (AmCham) in Canada, which conducted the survey, says sentiment is “definitely at a record low,” citing ongoing economic uncertainty as the main reason why.

Economic stresses dominate top risks to doing business in North America – WEF

Heightened economic pressures dominated the World Economic Forum’s (WEF) annual survey of top business risks in the US and Canada, eclipsing longer-term exposures like extreme weather events, artificial intelligence (AI), and cyber.

Canadian organizations are not prepared for new ESG standards and reporting regulations, study finds

Canadian organizations are nowhere near ready for the new environmental, social and governance standards and reporting regulations, a study finds. With the new Corporate Sustainability Reporting Directive (CSRD) mandate, sustainability reporting pressures on Canadian companies are becoming demanding and complex. The mandate requires that, by 2025, companies both inside and outside the European Union have to disclose information on risks and opportunities related to sustainability and ESG issues. However, many Canadian companies are unaware that CSRD applies to them.

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