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PM Trudeau Is Quite Optimistic About Canada’s Economic Recovery Following The Pandemic

Prime Minister Justin Trudeau of Canada has tried to show a lot of resilience amidst the coronavirus pandemic. Canada was amongst the first few countries who announced relief packages immediately after the World Health Organization officially declared the COVID-19 situation as a pandemic in March 2020. Trudeau has faced a lot of criticism for his generous government spending plans and policies from the opposition, business groups, and economists. His finance minister had issues with his liberal government spending because Canada’s budget deficit has now increased by around 50% from 31% in 2019, with record debt of around Canadian $380 billion, owing to the government’s spending policies to support people during the pandemic. Eventually, Bill Morneau, Trudeau’s finance minister resigned from his post in August and Chrystia Freeland assumed the office.

Despite facing criticism, Prime Minister Trudeau remained firm that he needed to take bold steps and some generous government spending plans to help the people of Canada who are currently suffering from the pandemic. Chrystia Freeland has also tried to assuage all the concerns that the opposition and economists are having regarding Trudeau’s policies by vowing that she will make sure to preserve Canada’s reputation with a solid fiscal management plan and will lead the country towards the next steps of economic recovery.

Recently, Prime Minister Trudeau spoke at the Wall Street Journal’s CEO Summit Council and he expressed a lot of optimism that his country’s economy will surely bounce back around the mid of 2021. He said that the government’s aid and savings that people and business groups accumulated during the pandemic will help them sustain the difficult few months until the country reaches the recovery phase.

Trudeau is hopeful that the COVID-19 vaccine will push Canada further on the road to recovery.

Like every other country, Canada is also hoping that the COVID-19 vaccine will soon reset things and rectify all the damages that the pandemic brought on the world. Like everyone else, the Canadian Prime Minister is also hopeful that after a positive ruling from the health regulators who are currently working on the COVID-19 vaccine developed by pharmaceutical companies like Pfizer and BioNTech SE. Once these vaccines are approved for the general public, Prime Minister Trudeau believes that it will surely help to control the disease in his country too.

The vaccines that have been developed are recently being regulated with the regulators at the Food and Drug Administration and some European Drug agencies. Prime Minister Trudeau told at the summit that the regulators are pretty happy with the results too and they are most likely going to present their official ruling in the coming days.

Adopting Aggressive Fiscal Policies

Prime Minister Trudeau has told the Summit that Canada is going to work on an aggressive fiscal policy to fight the pandemic and its after-effects once it is over. He has faced criticism for leading his country into a huge budget-balance difference and deterioration, but the Canadian leader said that he plans to add another Canadian $100 billion to the government spending plan to build a solid path of recovery for Canada’s citizens.

PM Expresses Wariness Over Canada-China Relationship

The relations between Canada and China have been getting tense for a couple of years now. In 2018, the Canada Border Service Agency detained the Chief Finance Officer of Huawei Technologies Co. Meng Wanzhou. She has been accused of misrepresenting her company’s dealing in Iran that put HSBC, one of Huawei’s lenders, at the risk of violating the US trade policies.

She denied those charges and has been on house arrest in Vancouver, but immediately after her arrest, China arrested two Canadian nationals alleging them to be involved in spying. This incident has had an impact on the trade between the two countries, and Mr. Trudeau offered caution in business with China.

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