It would be a welcome change to have something positive to write about the Canadian economy these days, but unfortunately the pickings are slim, and the news is relentlessly bad. A recent study by the National Bank of Canada just adds to the misery as it focusses on the decline of the Canadian manufacturing sector.
The study found that on some variables, Canadian manufacturing has some advantages as compared to other OECD countries for things such as affordable energy. Although energy prices have risen in Canada significantly because of the forced promotion of costly so-called “green” energy sources by governments, Canada is still blessed with major amounts of hydroelectricity in various parts of the country and a wealth of fossil fuel resources as compared with European countries.
The study found that despite these potential advantages, the layering on of excessive regulation and red tape has basically nullified any benefits Canadian manufacturers might otherwise have had. The National Bank notes that Statistics Canada data indicate regulatory requirements on manufacturers have soared by 42 per cent since 2005. This is unprecedented in the industrial world.
For the rest of this article: https://niagaraindependent.ca/ireland-surpasses-canada-in-manufacturing/