Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

Businesses optimistic despite hard time during pandemic

Canadian economy

Despite hard days during the global pandemic, the businesses in Calgary are optimistic of a positive economic recovery, as Canadian economy continues to grow.  

The Calgary Chamber of Commerce has commissioned Trend Research and Janet Brown Opinion Research to conduct a survey of 250 businesses in Calgary and area between the end of February and March.

According to the survey, 71 per cent of Calgary businesses suffered a decline in revenues throughout the pandemic, with the average business recording a 48.9 per cent less revenue.

Businesses in the service sector made up 80 per cent of the businesses that reported revenue decline.

Ventures with between 10 and 49 employees, SMEs, were among 78 per cent of businesses to lose income.

Against this backdrop, businesses were compelled to seek relief through government COVID-19 support Programmes. 

The poll showed 70 per cent of the businesses in the city had sought help from, at least, one relief Programmes and the most popular option was the Canada Emergency Wage Subsidy, with uptake among 54 per cent of businesses.

The survey not only fund out the extent of the impact of the pandemic on businesses, but also fund out a shift in mood.

“There are some actual reasonable grounds for thinking we’re going to get beyond COVID because of the vaccination rollout,” chamber interim CEO Murray Sigler said. “So that came loud and clear.”

Optimism of a positive recovery  

Sixty-two per cent of respondents stated that they are optimistic about Alberta’s economic prospects, which is an increase by seven per cent from a similar poll conducted in September 2020.

The optimism is visible and felt at Foreman’s Menswear in Victoria Park, which recently returned to regular store hours after operating by appointment only.

36 per cent of businesses said they’re planning to hire in the next six months, while 17 per cent are planning to retrench their staff.

Complex recovery  

It is obvious that the recovery is not as simple as the widespread optimism. The recovery will be complex. 

According to the chamber, the focus is to lowering non-residential property taxes to attract young talent to Calgary and improve relationships with the province. At the provincial level, the biggest issues for the chamber were easing COVID-19 restrictions, diversification and energy-related issues.   

Since the Calgarians are to vote in a municipal election and may be in a federal election sometime this year, a recovery will entail collaboration and bipartisanship.

Alberta’s ambitious recovery plan 

Given the Alberta’s ambitious recovery plan, the optimism for a positive recovery seems to be well-grounded.  According to the plan, Alberta will create tens of thousands of jobs, making the economy more productive.  Among other things, the plan envisaged a massive infrastructure development programme with $10 billion in projects. 

These projects will create immediate employments in  building roads, bridges, overpasses, water projects, pipelines, gas lines, schools, hospitals, long term care homes for seniors, drug treatment centres and tourism infrastructure. 

The process will also create a host of indirect jobs in the form of sub – contractors, suppliers, small businesses, hotels, and restaurants.  

This infrastructure plan comes with a 40 per cent increase in budgetary allocations over what had initially been allocated in the province’s 2020 – 2021 Capital Plan.

Some of the measures in the plan include immediately accelerate the Job Creation Tax Cut that would make Alberta by far the most attractive business environment for investment in Canada with a reduction of the general business tax rate from 10 per cent to 8 per cent on July 1.  Accordingly, this will accelerate the creation of an estimated 55,000 new full – time private sector jobs, and stimulate $13 billion in economic growth.

Launch of the Innovation Employment Grant, an attractive incentive to create high – paying jobs, will not only make Alberta the most attractive investment destination in Canada, but also facilitate substantial investments, particularly, in the critical technology and innovation sector.

In order to create a vibrant start-up culture, an additional $175 million have been invested in the Alberta Enterprise Corporation to make available as venture capital for start – up companies at early stage. 

The survey’s overwhelming positive responses are a testimony to the growing market confidence of a positive recovery and it is clear that the Alberta and Calgary may rebound with vigor as new business will emerge, creating tens of thousands of higher-earning employments along with a host of business and investment opportunities. 

Latest news

Calls to import coal through aggregating agency

KOLKATA (CU)_Over the recent months, there has been an increase power generated through coal in India, both domestic and imported. As of Friday, power...

Related news

A Roadblock or Stopgap: The Functional Impact of Alternative Green Fuels Used by The Global Shipping Industry.

By Kavinda Ratnapala In 2018 the International Maritime Organization’s (IMO) greenhouse gas strategy was released and made specific reference to realising “a pathway of CO2 emissions...

A main exporter to the world on the brink of being ravaged!

Ukraine, the second-largest country by area in Eastern Europe is embroiled in a state of invasion by its neighbor Russia. Ukrainian officials are preparing...

Inbound India Investment Flows: Recent Performance and 2022 Trends  

By Asia Investment Research   India has been positioning itself as a favoured destination to attract foreign direct investment in recent years and enjoyed strong...

Establishing a Representative Office in Malaysia: A Guide for Foreign Investors  

Establishing a representative office (RO) in Malaysia is often the fastest and most cost-effective way to have a legal entity and study the local...

A New Free Trade Tax Strategy To Redevelop And Incentivize The Commonwealth

By Chris Devonshire-Ellis     With the British economy now well out of Europe, and with the Johnson Government seemingly committed to replacement trade deals in emerging...

How The US, EU, UK and China Financial & Geopolitical Differences Could Be Resolved By London At The Upcoming Cop26 Glasgow Conference

By Chris Devonshire-Ellis  The EU and US media propaganda machine went into overdrive this week, based on US President Biden’s apparent ‘launch’ of the ‘Build...

The EU’s Global Gateway: A Belt & Road Alternative?

By Chris Devonshire-Ellis The EU has launched its ‘alternative’ to China’s Belt and Road for the EU, with EU Commision President Ursula von der Leyen...

The G7 Meeting in Cornwall – A Distant Corner of Britain to Set New Rules for the Four Corners of the World

By Chris Devonshire-Ellis  US President Joe Biden is a man on a mission.  He and UK Prime Minister Boris Johnson, who’s hosting the Group of...


Please enter your comment!
Please enter your name here

Latest News

Calls to import coal through aggregating agency

KOLKATA (CU)_Over the recent months, there has been an increase power generated through coal in India, both domestic and imported. As of Friday, power...

Over 6000 employees required for Singapore Changi Airport!

            Singapore (CU)_ Changi Airport Group (CAG) has announced the launch of one of the largest recruiting campaigns in Singapore's aviation sector, with more...

One of Australia’s most anticipated mineral exploration targets is about to be drilled

PERTH (CU)_Chalice Mining has finally received long-awaited approvals to work inside a state forest in Western Australia, which would mean one of Australia’s most...

President Hichilema’s vision for Zambia’s vital mining sector

CAPE TOWN (CU)_Zambia's President Hakainde Hichilema recently participated in the annual African Mining Indaba that was held in Cape Town, South Africa. The Zambian...

A clear signal of intent after breaking the trust of Aboriginal Australians

PERTH (CU)_Back in May 2020, Rio Tinto destroyed a 46,000-year-old Aboriginal site in the expansion of… an iron ore mine in Western Australia. Although the...

A marathon trip designed to signal Beijing’s broader ambitions in the Pacific

HONIARA (CU)_Over the recent weeks, China’s growing influence in the Indo-Pacific has come under the spotlight following a controversial security agreement that was signed...

Queen to perform at Platinum Jubilee concert alongside Sir Elton John and Alicia Keys

LONDON (CU)_In less than two weeks, Queen Elizabeth will be celebrating her 70th anniversary of taking the throne. A series of events are scheduled...

Popular Indian Americans are investing in the US T20 cricket league!

California, USA (CU)_ According to recent media reports, popular Indian American business executives including Microsoft CEO Satya Nadella and Adobe CEO Shantanu Narayen are...

Suhana Khan’s 22nd birthday bash was with the Archies squad!

Mumbai, India (CU)_ Suhana Khan turned 22 this year. The popular star kid celebrated her 22nd birthday with ‘The Archies’ team filled with enjoyment....

Singapore envoy lauds Bangladesh’s electricity and energy sectors

Dhaka, Bangladesh (CU)_ The energy industry of Bangladesh is booming. Recently, Bangladesh began building the 2.4-gigawatt (GW) Rooppur Nuclear Power Plant, which is anticipated...

25 years after the murder, Metropolitan Police still has ‘much to do’

LONDON (CU)_Back in April 1993, Stephen Lawrence, a black British teenager from Plumstead, southeast London, was waiting for a bus in Well Hall Road,...

The transgender community welcomes Pakistan’s Transgender Endowment Fund Bill 2022

Islamabad, Pakistan (CU)_ The transgender community and civil society have lauded the government of Khyber Pakhtunkhwa for passing Pakistan's Transgender Endowment Fund Bill 2022....