Friday, March 4, 2011

The Oath Of Growth

Restaurants, shops and many local businesses took a hard hit when the Canadian economy took rest due to the crash of the US economy. Although many say we are headed in the right direction for recovery, I am curious if our markets still have the worst to come. Being in the hospitality and tourism industry myself, this is a big concern for my well being and that of many others in Ontario.

Canada did manage to float along alot better then some other nations during the financial wave. If this is due to a great government plan or sheer dumb luck, your guess is as good as mine. Unfortunately it is inevitable that Canada will take another hit to our already unstable financial market in the neer future.
The main sign we are to look out for is being placed in an asset bubble. Much like the states, our housing market becomes drastically unstable and the banks begin to raise interest levels higher then what targeting markets can justify. As the unemployment rate seems to be settling, there is still too many Canadians jobless and looking for alternate terms to gain earnings for their families.
So if this other hit in our economy strikes us at any moment those people who have not managed to grab a life raft will have to swim in the storm.

If we are lucky the next wave of unjust increase in everything from food costs to gas prices will not be as hard to handle as it was the first time around. Now we are prepared, now we have time to get ready.
Personally I hope that a way to soften the blow is to take advantage of our tourism industry. In this past year the Canadian hotel industry has boomed by about 60 percent creating employment opportunities and a fairly stable atmosphere. Room prices have dropped to ensure more interest as well as the new age pros that come in a package deal. For example most hotels have pools, hot tubs and saunas but now water parks, themed exploration and even connections through other establishments are being made to keep the industry up to date and appealing to the customer market. Having Canada sign a contract in 2010 with Japan for future tourism opportunities was a smart move. We are now expecting summer 2011 to bring over 100 000 egar tourists to scale our beautiful home in hopes that they bring along their wallets as well as their appetite for diversity in our culture.

Everyone keep your fingers crossed! This may just be the beginning of a long line of recovery or an accident waiting to happen, only time will tell.

It is a scary thought you have to admit, the uncertainty of your income which unfortunately is the base of existing life. Not only am I worried for those job hunting, but careers that are not high in demand will struggle as well. Here's hoping for a light in the tunnel.

I believe Jimmy Carter says it best:

~We must adjust to changing times and still hold on to unchanging principles.~

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