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Service sector crucial for Canadian economy, Bank of Canada says

Service sector crucial for Canadian economy, Bank of Canada says

India Blooms News Service | | 29 Nov 2016, 07:16 pm
Toronto, Nov 29 (IBNS): Stephen Poloz, governor of Bank of Canada said at the C.D. Howe Institute Monday that in the event of recovery of the Canadian economy since the global financial crisis in 2008-09 due to recent downturn in oil and other commodity prices, the service sector had continued to expand gradually, CP24 reported.

"Since the onset of the global financial crisis, growth in Canada's service sector has been stronger on average than in the goods sector," he said according to a prepared text.

"Most of the employment growth seen in Canada since late 2014 has been in service industries that pay above-average wages, helping to support national income."

Only less than 20 percent of Canadians produce goods, while more than 80 percent are employed in services.

The drop in export capacity before and after the financial crisis and a recent decrease in resource prices has resulted in the deficit of $80-billion to $90-billion in the Canadian economy, stated Poloz.

"It is natural to wonder: What will replace the economic losses due to these shocks," he said.

Poloz dismissed the idea of service jobs being low-skilled and low-paying and said that since January 2001 for every job lost in the goods producing sector, about 30 jobs were created in the service sector.

He pointed out that although the average wage in the service sector is lower than in the goods producing sector, wages in the service sector differ depending on the industry within the sector.

"It probably will not surprise you that the average wage in the finance and insurance industry is higher than that in manufacturing. But so is the average wage in the transportation and warehousing industry," he said. "And, together, those two industries employ more Canadians and produce more output than all of Canada's manufacturers."

Results for economic growth for the third quarter would be released by Statistics Canada on Wednesday.

Economists expect the report to show the growth of economy at an annualized pace of 3.4 percent in the third quarter, according to Thomson Reuters.

The result would ensue a decrease in the second quarter largely due to the forest fires in Alberta that led to the evacuation of Fort McMurray, Alberta, and the shut down of production in the oilsands.

(Reporting by Asha Bajaj, Image: Financial District Toronto Wikipedia)

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Erdogan's Turkey turns Hagia Sophia into a mosque again; UNESCO regrets #HagiaSophia, #Turkey, #Istanbul, #HagiaSophiaMosqueAgain Istanbul/IBNS: Hagia Sophia, Turkey's iconic monument, a UNESCO World Heritage and one of the central attractions of its capital Istanbul, is no longer a museum. It has been turned back as a mosque though some 1500 years ago it was built as an Orthodox Christian cathedral. Hagia Sophia was converted into a mosque during the Ottoman time in 1453 while under Ataturk it was turned into a museum in 1935. The decision comes amid a growing rise of the Islamists in Turkey who had been demanding that it be restored as a mosque though Opposition leaders with secular credentials had been against the move. A top court in Turkey ruled that turning it into a museum in 1935 by modern Turkey's secular architect Mustafa Kemal Ataturk was illegal, paving the way for present Turkey president Recep Tayyip Erdogan to declare it as a mosque again and to open it for Muslim prayers. Erdogan made the announcement an hour after the court ruled the conversion to museum in 1935 as illegal and scrapped its status. "May it be beneficial," posted Erdogan on Twitter, sharing an official document on the change with his signature. UNESCO regrets In an immediate reaction, UNESCO said it "deeply regrets" the decision. UNESCO said it was "regrettable that the Turkish decision was not the subject of dialog nor notification beforehand". "UNESCO calls on the Turkish authorities to open a dialog without delay in order to avoid a step back from the universal value of this exceptional heritage whose preservation will be reviewed by the World Heritage Committee in its next session," the United Nation's cultural body said in a statement. Istanbul icon of beauty and wonderment According to Turkey's official tourism website, Hagia Sophia is a remarkable achievement in the history of architecture. and a living proof of mankind's revolt against the laws of physics and it calls it a monument whose importance transcends borders. It is one of UNESCO's World Cultural Heritage sites attracting millions of visitors across the world with its majestic grandeur

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Erdogan's Turkey turns Hagia Sophia into a mosque again 11 Jul 2020, 01:37 pm