Location: Four Season Hotel Singapore
We honorably invited Mr. Peter Hall, Chief Economist EDC, for speaking on the subject of global trade and how the major issues are impacting Canada’s economy. Opening remarks were provided by Mr. Bill Brown, Regional VP – Asia, EDC, and Mr. Wayne Wouters, Former Clerk of the Privy Council.
Mr. Peter Hall’s Speech Key takeaways:
- Our economy can be divided by trade and domestic parts. Back to 2008, Canada used to have very solid domestic economy even when it suffered from the financial crisis. The solid economy resulted from several stimulating efforts such as loose monetary policy, optimistic consumers and overbuilt housing market. However, the domestic economy is not as strong as it was, so we are depending on the trade side to rescue the entire economy.
- Free trade is crucial to Canada’s economy. 3.5% tariff will lead to 8.8 billion decrease in export, 1.9% decrease in GDP, and 362,000 decrease in unemployment. The higher the tariff, the larger negative impact it will be on Canada’s economy.
- The impact of US current trade action on Canada and Mexico and its concern.
- The world is fundamentally strong and if it can’t undermine the trade architecture that work so well, then many businesses are running away from opportunities, then you and we can run into it. That is the reason why EDC opened its first, standalone operation in Singapore to deal with the business in this difficult timing and environment, hoping to help Canadian companies to run into the opportunities.