Weekly Digest – 23 August 2023

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

Small business owners optimistic despite economic uncertainties

A survey of small business owners in Canada found that despite economic uncertainties, a majority of Canadian small business owners and self-employed professionals are confident their businesses will thrive for the remainder of the year.

‘The hard work begins.’ Economists expecting rise in inflation rate

A string of high-profile tech layoffs, including at Google Canada, Dell and Shopify, have led experts to ask – is Canada in the midst of a “richcession”? Forecasters anticipate this week’s consumer price index report to show inflation rose last month, signalling a reversal in progress after a year of steady declines.

Hotter-than-expected inflation turns up heat on Bank of Canada

Canadians paid 3.3 per cent more for goods and services in July than a year ago, Statistics Canada said on Aug. 15. possibly signalling that the Bank of Canada could be entering one of the most difficult phases of its inflation fight.

In a connected world, a global slowdown will hit Canada, too

Borrowers watch for clues that a weakening economy means rate hikes are done. Could this really be the end of interest rate hikes?

Here’s what economists think China’s downturn could mean for Canada

China is in the midst of an economic downturn that some experts worry could impact Canada’s economic situation.

This growth stock has market-beating potential

It’s estimated that the global e-commerce industry could grow at a rate of about 9% through to 2026. That would represent a total size of $7.5 trillion. Shopify already claims a significant portion of the world’s e-commerce sales. In the United States alone, Shopify holds a 10% market share. If the company could continue to grow its market share or even maintain the share it has now, then investors could see this company grow tremendously over the next few years.

Local tourism still recovering, China decision could have ‘huge impact’

With local tourism still in recovery from the pandemic, the Chinese government’s decision to leave Canada off its approved list of travel destinations could continue to hold the sector back. According to a statement from Destination Canada, China was Canada’s largest source of tourism from the Asia-Pacific region in 2019, with more than 708,000 travellers and over $2 billion injected into the Canadian economy.  In 2022, overnight arrivals from China were just nine per cent of 2019 levels.

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