What’s In This Email

• Canada had fewer entrepreneurs than 20 years ago

• BoC expected to hold key interest rate in sluggish economy.

• 6 magic skills for making money

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Canada has fewer entrepreneurs today than it did 20 years ago — and that's a big problem for everyone

Canada is witnessing a concerning dip in its entrepreneurial spirit. A recent report from the Business Development Bank of Canada (BDC) has highlighted a significant decline in Canadian entrepreneurs over the past two decades. This drop, amounting to 100,000 fewer entrepreneurs since 2000, poses potential risks to the nation's economic growth and innovation pace.

Key Takeaways

• The BDC report indicates that Canada has 100,000 fewer entrepreneurs today than in 2000.

• BDC defines an entrepreneur as a self-employed worker who hires employees for their venture.

• Two decades ago, three out of every 1,000 Canadians became entrepreneurs annually. Now, that number has dropped to about one in 1,000.

• Reasons for the Decline:

  • The demographic most likely to start businesses (late 20s to early 40s) is shrinking.

  • Low unemployment and high wages reduce the incentive to start a business.

  • Challenges like labour shortages, inflation, technological changes, and dominance by large companies deter potential entrepreneurs.

• The decline in entrepreneurship could jeopardize new job creation in Canada.

• The BDC report suggests that enhancing "soft skills" like marketing, finance, administration, and leadership can help budding entrepreneurs.

• Experts like Sarah Lubik, director of entrepreneurship at Simon Fraser University, and Dominic Lim, an associate professor at Western University's Ivey Business School, emphasize the importance of education in fostering entrepreneurship.

Bank of Canada expected to hold a steady key interest rate amid a sluggish economy.

Amidst economic challenges and global uncertainties, the Bank of Canada is poised to make a crucial decision regarding its key interest rate. With inflationary pressures, a contracting economy, and international conflicts influencing the economic landscape, the central bank's next move is keenly awaited.

Key Takeaways

• The Bank of Canada is likely to keep its key interest rate unchanged.

• Last month, the rate was held at five percent, but future hikes haven't been ruled out due to underlying price pressures.

• Recent inflation data indicates a deceleration, with the annual inflation rate dropping to 3.8 percent.

• The Canadian economy experienced a decline in the second quarter, and this trend is expected to persist into 2024. Business sentiment weakened in the third quarter, with companies anticipating a slowdown in sales growth.

• The job market's growth is positive, but it's not as strong as in 2022, with job vacancies decreasing and unemployment rising to 5.5 percent.

• Consumer spending is declining, with Canadian retail sales dropping by 0.1 percent in August.

• Ontario Premier Doug Ford has expressed concerns about the impact of rate hikes on mortgage costs and has contacted both the Bank of Canada and Prime Minister Justin Trudeau.

• Most economists predict that inflation will eventually return to two percent.

• Bank of Canada Governor Tiff Macklem stated that the economic implications of the Israel-Hamas war are still uncertain.

• The bank's rate decision will accompany its quarterly monetary policy report, providing updated economic and inflation forecasts.

@tailopez

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Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.