Latest news with #CraigAlexander
Time of India
02-05-2025
- Business
- Time of India
Canada's economy 'Walking on a Tightrope,' Deloitte report warns of looming downturn
Tired of too many ads? Remove Ads Growth slows, investment stalls Tired of too many ads? Remove Ads Tariff risks threaten trade stability Popular in International Strategic policy required to avert crisis Reinforcing trade agreements such as CUSMA and exploring new bilateral pacts with Asian and European markets. Targeted fiscal stimulus to support key sectors and boost public infrastructure investment. Workforce development policies to address labor shortages in technology, health care, and skilled trades. Warning amid political transition Conclusion: a defining year ahead In a stark warning issued this week, global consultancy giant Deloitte has forecast a potential economic downturn in Canada, citing slow GDP growth, declining private investment, and mounting trade-related risks. The report, titled 'Walking on a Tightrope: Canada's Economic Outlook 2025,' suggests the country is at a pivotal economic moment that could shape its fiscal health for years to read: Out of the frying pan and into the fire: Carney stares at shrinking GDP According to Deloitte's analysis, Canada's GDP growth is expected to hover just above 1% in 2025—well below the historical average. A mix of high interest rates, inflationary pressure, and global supply chain uncertainties have slowed consumer demand and reduced investor confidence.'Private sector investment, especially in manufacturing and infrastructure, has noticeably declined,' the report noted. 'With elevated borrowing costs and policy ambiguity, many businesses are choosing to delay or downscale major capital projects.'The report also indicates a decrease in foreign direct investment, partially driven by geopolitical tensions and uncertainty around North American trade policy.A central concern raised by Deloitte is the increasing threat of new U.S. tariffs, especially in the wake of political developments south of the border. While some Canadian sectors—such as auto parts compliant with CUSMA (Canada–United States–Mexico Agreement)—have received tariff exemptions, the broader threat of protectionism remains.'Maintaining and expanding these tariff exemptions will be critical to preserving Canada's trade competitiveness,' said Deloitte's Chief Economist Craig Alexander. 'Any escalation could deeply impact Canada's export-driven industries, including automotive, agriculture, and technology.'Also read: How Canada's 2025 election could shape its economic future The report urges Canadian policymakers to act quickly and decisively to prevent a deeper economic contraction. Recommendations include:The consultancy also highlights the need for innovation-driven economic models to ensure long-term Deloitte report arrives just weeks after Canada's 2025 federal election, which saw former Bank of Canada governor Mark Carney become Prime Minister. His campaign heavily emphasized economic stability, industrial growth, and reducing U.S. dependency—areas where the Deloitte report sees both challenges and leadership team has not yet responded to the findings, but experts believe the report could influence upcoming fiscal policy decisions, including budget allocations and trade strategy Canada is not in a recession yet, Deloitte's warning underscores the fragility of the current economic landscape. Whether the country can maintain its footing on this tightrope will depend on swift, data-driven decisions at the federal and provincial levels.
Business Mayor
29-04-2025
- Entertainment
- Business Mayor
Iwot Studios launches game team for Wheel of Time RPG
Iwot Studios announced recently that it has launched its own game development studio, called Iwot Games. The new studio is helmed by Craig Alexander, formerly the VP of product development at Warner Bros. Games. Its first project is an open-world RPG based on The Wheel of Time series authored by Robert Jordan, with an eye towards a multi-platform strategy based around the intellectual property. According to Iwot, the new game will build on the success of The Wheel of Time Amazon Prime show by delivering more of the series' world and lore to its community of fans. Iwot is involved with the production of the prime show. Alexander plans to begin development by establishing a headquarters in Montreal with plans to build the leadership team out in the coming months. Alexander said in a statement, 'Adapting such a legendary mythology into an open-world RPG is a rare and ambitious challenge. It takes vision, scale, and a vibrant creative environment — all of which Montreal provides. I'm thrilled to lead the effort and build a world-class team capable of honoring this beloved world.' This is not the first time Iwot — or Red Eagle Entertainment, as it was formerly known — revealed its intentions to make games based on Jordan's world. Back in 2008, Red Eagle announced its intention to adapt the series into games and films, though a planned collaboration with Obsidian never appeared to go anywhere. Rick Selvage, Iwot Studios CEO, said in a statement, 'Developing a game worthy of The Wheel of Time brand required the right moment, the right leader, and the right location. Craig brings the leadership, vision, and experience we need, and Montreal offers the creative talent to bring this to life. We're confident this team will deliver something truly special for the fans.'
CBC
05-03-2025
- Business
- CBC
Trump tariffs threaten to derail Canada's economic recovery
Social Sharing U.S. tariffs that took effect on Tuesday are threatening to derail Canada's fledgling economic recovery and will fuel rise in consumer prices and unemployment, potentially triggering a recession. Canada relies on the United States for 75 per cent of its exports and a third of all imports. Its dependency on trade for economic growth leaves Canada vulnerable to a protracted trade war. The Canadian economy had started showing signs of improvement after several anemic quarters thanks to six consecutive interest rate cuts from the Bank of Canada. Canada's fourth quarter annualized economic growth was 2.6 per cent, surpassing expectations and the unemployment rate dipped thanks to robust job additions in January. The growth spurt may be short-lived, however, depending how long tariffs are in place. "If the tariffs are sustained indefinitely, it would almost wipe out two years' worth of economic growth," said Craig Alexander, president of Alexander Economic Views, an independent economic research organization. The economy could at least see a mild recession, he said, but cautioned that this estimate does not take into account the impact of any further tariffs. Economists have also said the impact of tariffs on the U.S. economy will be broad, deep and time-consuming. U.S. President Donald Trump slapped a 25 per cent tariff on all imports from Canada except energy products, which are taxed at 10 per cent from Tuesday. After Canada announced immediate retaliatory measures on $30 billion of goods, Trump threatened even more tariffs. "We are at an inflection point," said Randall Bartlett, Deputy Chief Economist with Desjardins. All the good news of the past in terms of GDP, jobs and inflation is likely to reverse, he said. Canada is likely to slip into a recession, probably starting in the second quarter of this year, he said, adding that unemployment could go up to 8 per cent. The unemployment rate is currently at 6.6 per cent. In Windsor, Ont., just across the border from Detroit, the impacts on the auto industry will be felt in a matter of days, said Mayor Drew Dilkens. Layoffs for manufacturers could start in a week, he said. "And that'll cascade down in the supply chain. So some will be able to survive a little longer than others, but 25 per cent across the board is in the realm of being catastrophic for the auto industry as a whole," he said. The central bank has said Canada's growth will be permanently stunted by the tariffs, while inflation will see a spike that could persist if tariffs continue. The BoC will announce its monetary policy decision on March 12 and currency swap markets see at least a 90 per cent chance of a rate cut, almost double the chance expected on Monday. Exports to the U.S. account for roughly 18 per cent of Canada's GDP and more than 2.4 million jobs in Canada are dependent on business with the U.S. "I won't sugar coat it. This is going to be tough," Prime Minister Justin Trudeau told a press conference on Tuesday. Economists said that if tariffs continue and keep stacking up, they will ripple through a multitude of sections of the economy. Households will be pushed deeper into debt, company profits will be hit, government revenues will be dented, there will be sweeping layoffs, consumer and corporate defaults will jump, and Canadian provinces could lose credit ratings, they said. "It will disproportionately affect the less fortunate economically," said Dave McKay, CEO of Royal Bank of Canada, the country's biggest lender.
Zawya
05-03-2025
- Business
- Zawya
Trump tariffs threaten to derail Canada's economic recovery
U.S. tariffs that took effect on Tuesday are threatening to derail Canada's fledgling economic recovery and will fuel rise in consumer prices and unemployment, potentially triggering a recession. Canada relies on the United States for 75% of its exports and a third of all imports. Its dependency on trade for economic growth leaves Canada vulnerable to a protracted trade war. The Canadian economy had started showing signs of improvement after several anemic quarters thanks to six consecutive interest rate cuts from the Bank of Canada. Canada's fourth quarter annualized economic growth was 2.6%, surpassing expectations and the unemployment rate dipped thanks to robust job additions in January. The growth spurt may be short-lived, however, depending how long tariffs are in place. "If the tariffs are sustained indefinitely, it would almost wipe out two years' worth of economic growth," said Craig Alexander, president of Alexander Economic Views, an independent economic research organization. The economy could at least see a mild recession, he said, but cautioned that this estimate does not take into account the impact of any further tariffs. Economists have also said the impact of tariffs on the U.S. economy will be broad, deep and time-consuming. U.S. President Donald Trump slapped a 25% tariff on all imports from Canada except energy products, which are taxed at 10% from Tuesday. After Canada announced immediate retaliatory measures on C$30 billion of goods, Trump threatened even more tariffs. "We are at an inflection point," said Randall Bartlett, Deputy Chief Economist with Desjardins. All the good news of the past in terms of GDP, jobs and inflation is likely to reverse, he said. Canada is likely to slip into a recession, probably starting in the second quarter of this year, he said, adding that unemployment could go up to 8%. The unemployment rate is currently at 6.6%. In Windsor, Ontario, just across the border from Detroit, the impacts on the auto industry will be felt in a matter of days, said Mayor Drew Dilkens. Layoffs for manufacturers could start in a week, he said. "And that'll cascade down in the supply chain. So some will be able to survive a little longer than others, but 25% across the board is in the realm of being catastrophic for the auto industry as a whole," he said. The central bank has said Canada's growth will be permanently stunted by the tariffs, while inflation will see a spike that could persist if tariffs continue. The BoC will announce its monetary policy decision on March 12 and currency swap markets see at least a 90% chance of a rate cut, almost double the chance expected on Monday. Exports to the U.S. account for roughly 18% of Canada's GDP and more than 2.4 million jobs in Canada are dependent on business with the U.S. "I won't sugar coat it. This is going to be tough," Prime Minister Justin Trudeau told a press conference on Tuesday. Economists said that if tariffs continue and keep stacking up, they will ripple through a multitude of sections of the economy. Households will be pushed deeper into debt, company profits will be hit, government revenues will be dented, there will be sweeping layoffs, consumer and corporate defaults will jump, and Canadian provinces could lose credit ratings, they said. "It will disproportionately affect the less fortunate economically," said Dave McKay, CEO of Royal Bank of Canada, the country's biggest lender. ($1 = 1.4451 Canadian dollars) (Reporting by Promit Mukherjee Additional reporting by David Ljjungren, Nivedita Balu and Anna Mehler Paperny; Editing by Caroline Stauffer and Lincoln Feast.)
Yahoo
05-03-2025
- Business
- Yahoo
Analysis-Trump tariffs threaten to derail Canada's economic recovery
By Promit Mukherjee OTTAWA (Reuters) - U.S. tariffs that took effect on Tuesday are threatening to derail Canada's fledgling economic recovery and will fuel rise in consumer prices and unemployment, potentially triggering a recession. Canada relies on the United States for 75% of its exports and a third of all imports. Its dependency on trade for economic growth leaves Canada vulnerable to a protracted trade war. The Canadian economy had started showing signs of improvement after several anemic quarters thanks to six consecutive interest rate cuts from the Bank of Canada. Canada's fourth quarter annualized economic growth was 2.6%, surpassing expectations and the unemployment rate dipped thanks to robust job additions in January. The growth spurt may be short-lived, however, depending how long tariffs are in place. "If the tariffs are sustained indefinitely, it would almost wipe out two years' worth of economic growth," said Craig Alexander, president of Alexander Economic Views, an independent economic research organization. The economy could at least see a mild recession, he said, but cautioned that this estimate does not take into account the impact of any further tariffs. Economists have also said the impact of tariffs on the U.S. economy will be broad, deep and time-consuming. U.S. President Donald Trump slapped a 25% tariff on all imports from Canada except energy products, which are taxed at 10% from Tuesday. After Canada announced immediate retaliatory measures on C$30 billion of goods, Trump threatened even more tariffs. "We are at an inflection point," said Randall Bartlett, Deputy Chief Economist with Desjardins. All the good news of the past in terms of GDP, jobs and inflation is likely to reverse, he said. Canada is likely to slip into a recession, probably starting in the second quarter of this year, he said, adding that unemployment could go up to 8%. The unemployment rate is currently at 6.6%. In Windsor, Ontario, just across the border from Detroit, the impacts on the auto industry will be felt in a matter of days, said Mayor Drew Dilkens. Layoffs for manufacturers could start in a week, he said. "And that'll cascade down in the supply chain. So some will be able to survive a little longer than others, but 25% across the board is in the realm of being catastrophic for the auto industry as a whole," he said. The central bank has said Canada's growth will be permanently stunted by the tariffs, while inflation will see a spike that could persist if tariffs continue. The BoC will announce its monetary policy decision on March 12 and currency swap markets see at least a 90% chance of a rate cut, almost double the chance expected on Monday. Exports to the U.S. account for roughly 18% of Canada's GDP and more than 2.4 million jobs in Canada are dependent on business with the U.S. "I won't sugar coat it. This is going to be tough," Prime Minister Justin Trudeau told a press conference on Tuesday. Economists said that if tariffs continue and keep stacking up, they will ripple through a multitude of sections of the economy. Households will be pushed deeper into debt, company profits will be hit, government revenues will be dented, there will be sweeping layoffs, consumer and corporate defaults will jump, and Canadian provinces could lose credit ratings, they said. "It will disproportionately affect the less fortunate economically," said Dave McKay, CEO of Royal Bank of Canada, the country's biggest lender. ($1 = 1.4451 Canadian dollars) Sign in to access your portfolio
