By Bruce Powell, Founder & Executive Recruiter
The Federal Election has come and gone, and Monday, October 19th showed that voters were ready for change. With 184 seats, Liberal Party Leader Justin Trudeau was elected as Canada’s next Prime Minister.
With every change in government comes a shift in approach, a shift in spending, and a shift in the economy. As 2015 comes to a close, there is no doubt that 2015 has been rather uneventful in terms of economic growth and job opportunities. But a new government could change this in 2016.
It’s no secret the Liberal government has proposed spending increases across the board with one of their main goals being to spur economic growth and activity. How will this impact the economy?
“At best, the stimulus would lift GDP growth by a bit more than 0.5% next year, so we would be leaning toward annual growth of closer to 2.5% in 2016 (versus our current call of just over 2%, and just 1.2% this year), assuming the proposed measures are fully implemented in the next budget,” says Doug Porter, Chief Economist at BMO Capital Markets, in the Financial Post.
A Change in Government Should Be a Welcome Sign for Job Seekers
The new government should be a welcome sign for job seekers. The Harper government has one of the worst economic performances on record. “Canada’s economy has never performed worse, since the end of World War II, than under the present Conservative government. The Harper government ranks last among the nine post-war governments, and by a wide margin – falling well behind the second worst government, which was the Mulroney government of 1984-93,” says authors and Unifor economists Jim Stanford and Jordan Brennan of Rhetoric and Reality: Evaluating Canada’s Economic Record Under the Harper Government.
Based on 16 different economic indicators, including job creation, unemployment rate, job quality and youth employment, the Harper government ranked last or second last in 13 of the 16 categories.
A change in government could re-energize companies’ confidence in the economy, and this new spending mindset by the Liberals could have a filter down effect, resulting in companies investing in new hires in the coming year. Even if it takes some time for companies to come around and invest, we can expect 2016 to be a year of economic and job growth in Canada.
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