long term – Avance Economico http://avanceeconomico.com/ Sun, 13 Mar 2022 16:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://avanceeconomico.com/wp-content/uploads/2021/07/icon-7.png long term – Avance Economico http://avanceeconomico.com/ 32 32 EDITORIAL: Avoiding the stagflation of the 1970s https://avanceeconomico.com/editorial-avoiding-the-stagflation-of-the-1970s/ Sun, 13 Mar 2022 16:00:00 +0000 https://avanceeconomico.com/editorial-avoiding-the-stagflation-of-the-1970s/ Rising price pressures have some people worried about inflation, while others wonder if inflation could lead to stagflation, which would hit the economy much harder. As Russia’s invasion of Ukraine intensifies, with more sanctions on Russia and more supply chain disruptions, the prices of energy products, agricultural products and raw materials have soared in boom, […]]]>

Rising price pressures have some people worried about inflation, while others wonder if inflation could lead to stagflation, which would hit the economy much harder. As Russia’s invasion of Ukraine intensifies, with more sanctions on Russia and more supply chain disruptions, the prices of energy products, agricultural products and raw materials have soared in boom, and concerns about the risk of stagflation at home and abroad are growing.

Today’s oil price volatility is reminiscent of the 1970s, when global inflation soared after Arab members of OPEC imposed an oil embargo against the United States in 1973 and the United States United imposed an oil embargo against Iran in 1979, resulting in stagflation: a situation of high inflation. , high unemployment and slow economic growth.

These major oil shocks were not the only challenges of the decade, but they were a big part of the problem. Soaring oil prices triggered inflation rates not seen since World War II in many countries as their economic growth rates fell dramatically.

Coface, an international credit insurance and management services group, said last week that Russia’s invasion of Ukraine had triggered turmoil in financial markets and significantly increased uncertainty about an economic recovery. world. The group added that rising commodity prices have intensified the threat of long-term high inflation, which would increase the risk of stagflation and social unrest. Amid this macroeconomic crisis, industries such as the automotive, transport and chemical sectors appear to be the most vulnerable, he said.

Although energy prices rose sharply last week – with Brent oil, the global benchmark, surging above US$130 a barrel to reach the highest price since 2008 – and consumer price data published by the United States and European countries indicating that inflationary pressure is building faster than expected, today’s rising inflation is different from the stagflation of the 1970s.

At that time, there was a shortage of basic necessities, as well as rising energy costs, and some governments were inexperienced and made poor policy decisions – such as price and wage controls and rationing – which which only made the problem worse once the checks were done. survey.

Today there are shortages of some goods and rising energy costs, but these are mainly the result of increased demand as economies reopen and disruptions to supply chains and logistics due to the COVID-19 pandemic, not the direct effects of embargoes or boycotts.

Since 1990, there has been no global inflation or stagflation, thanks to free trade and global production, trends that have helped stabilize global supply and limit rising prices.

So far there are no signs that stagflation is setting in. A slight increase in consumer prices is not necessarily a bad thing, as it is simply a result of current economic activity and is beneficial for economic growth.

As the state of affairs since 1990 has shown, as long as free trade continues and global production remains the model, stagflation seems an unlikely scenario, even if price swings occur due to conflict. Russian-Ukrainian.

As Taiwan’s consumer price index rose 2.36% year-on-year last month – remaining above the central bank’s 2% warning level for the seventh consecutive month – and that inflation risks are biased on the upside, as Russia’s invasion spiked prices and heightened the risk of broader supply disruptions, policymakers must carefully balance inflation control and policy measures economic growth, implement measures to care for the most vulnerable in society and closely monitor the economic climate abroad.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. The final decision will be at the discretion of The Taipei Times.

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The dividends of democracy are worth the investment required https://avanceeconomico.com/the-dividends-of-democracy-are-worth-the-investment-required/ Wed, 02 Mar 2022 16:35:48 +0000 https://avanceeconomico.com/the-dividends-of-democracy-are-worth-the-investment-required/ History is replete with grotesque forms of human oppression, including slavery, racism, and oligarchies crushing people’s aspirations. Today, the continued rise of authoritarianism in countries like Brazil, Turkey and of course Russia highlights the need to consolidate democracy. What is new is that this effort must now be global. Even as the shadow of authoritarian […]]]>

History is replete with grotesque forms of human oppression, including slavery, racism, and oligarchies crushing people’s aspirations. Today, the continued rise of authoritarianism in countries like Brazil, Turkey and of course Russia highlights the need to consolidate democracy. What is new is that this effort must now be global.

Even as the shadow of authoritarian misrule spreads, there is a growing yearning for democracy among ordinary people seeking greater freedom and dignity. A Pew Research survey of 17 advanced economies in 2021 shows disaffection with the lack of individual freedom in authoritarian states at an all-time high. According to the survey, a median of 74% of people in these countries had no faith in Putin doing “the right thing in world affairs”.

There is also hope in Albright’s interesting observation that leaders with totalitarian leanings tend to rise and fall in waves. Expel one, and others might also fall, as happened when the end of authoritarian rule in the Philippines in 1986 was followed by similar developments in Chile, South Africa, Zaire and Indonesia during of the next decade. This should encourage responsible governments today to begin the process of reviving global democracy.

Unfortunately, the United States’ record is far from impeccable in this regard. A recent study by Kyle Strickland and Felicia Wong of the Roosevelt Institute shows how US neoliberal economic policies have fueled discrimination and inequality in many countries. Moreover, in Chile, Cuba, Central America and elsewhere, America has intervened, often brutally, not to support democracy but to protect American corporate interests. Providing leadership to isolate authoritarian regimes and nurture democracy will therefore require the United States to break with significant aspects of its past and take up this responsibility as a moral obligation to chart a new course for the world.

But relying entirely or substantially on the United States would be folly. Certainly, some American presidents, notably Franklin Roosevelt, Harry Truman, Jimmy Carter and Barack Obama, have demonstrated a strong sense of global responsibility. Fortunately, many prominent Americans, including current political leaders, take a similar position. Yet, as Donald Trump has demonstrated, an American leader can be elected promising to “make America great again” and, once in office, define “America” ​​as his friends, family and friends. friends.

While many justify the need for democracy as a means to achieve other desirable ends, I believe that democracy is necessary in itself. If it were true that democracy slowed economic growth, we should be prepared to grow a little less to let equality and freedom flourish.

Indeed, the commitment to treat all human beings equally, as required by democracy, is an ethical axiom. As Abraham Lincoln said in a handwritten note in 1858, “As I should not be a slave, so should I not be a master. This expresses my idea of ​​democracy.”

That said, evidence suggests that democracy is a key ingredient for economic progress. By creating space for dissent, criticism and change, democracy nurtures creativity and innovation and, through this, economic flourishing. Economic progress in countries that succumb to religious fundamentalism or authoritarianism almost invariably stagnates. China seems to be an exception, but it should be noted that the gross domestic product (GDP) per capita of Taiwan’s democracy is almost three times that of China.

One of the best examples of what democracy can do is post-independence India, one of the world’s boldest experiments in creating and nurturing an open society. There is no doubt that the country has made mistakes in economic policy over the past 75 years and its annual growth rate in the first decades after independence remained low at around 3%. But the democratic investment meant that, despite being a poor country, India did well in higher education, research, the arts and other creative fields.

India’s recovery in economic growth from the early 1990s had many causes, but it also reflected the democratic dividend. Due to the country’s political openness and freedom of expression and criticism, the service sector, which relies on creative human capital, has begun to flourish, driving the growth of companies like Infosys, Wipro and Tata. Consultancy Services. In 2005, India was among the four or five fastest growing economies in the world. Its sophisticated political system had made India a global success story, poised for a remarkable run.

This success has been glossed over in recent years, with an observed increase in restrictions on freedom of expression and the media. Unsurprisingly, India’s GDP growth has slowed every year from 2017 to 2020. The close links between democracy, creativity and economic progress are subtle and long-term, but they are real. And they demonstrate the need to encourage democratization worldwide. ©2022/Syndicate Project

Kaushik Basu is a former Chief Economic Advisor to the Government of India and currently Professor of Economics at Cornell University.

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Manufacturing exports can benefit from India’s empowerment push https://avanceeconomico.com/manufacturing-exports-can-benefit-from-indias-empowerment-push/ Mon, 21 Feb 2022 17:13:55 +0000 https://avanceeconomico.com/manufacturing-exports-can-benefit-from-indias-empowerment-push/ The 2022-2023 budget unveiled on February 1 continues the government’s vision of empowering Indians and fostering economic activity. The government’s economic vision, since the beginning of the pandemic, has been based on the following underlying philosophy: to alleviate the suffering of specific sectors and households by empowering them to overcome difficult times and emerge stronger, […]]]>

The 2022-2023 budget unveiled on February 1 continues the government’s vision of empowering Indians and fostering economic activity. The government’s economic vision, since the beginning of the pandemic, has been based on the following underlying philosophy: to alleviate the suffering of specific sectors and households by empowering them to overcome difficult times and emerge stronger, in order to may they thrive in the hourly boom to follow. Its long-term growth vision since 2019 is to kick-start economic growth through public investment in infrastructure (both physical and digital) and sensible fiscal policies that encourage capital formation and job creation.

In particular, the extension of the Production Linked Incentive (PLI) schemes is the result of the government’s belief that large-scale manufacturing must play an important role in ensuring higher economic growth and better standards. of life for the people. The exhaustion of manufacturing in many developed countries has caused social divisions and the withering away of communities that once thrived. Manufacturing provides more space than services for less skilled and less educated people to contribute to and benefit from economic activity.

Even for relatively less skill-intensive services like tourism, the short-term outlook is not bright. Statistics on the impact of covid on air and tourist traffic are grim (bit.ly/3hhRcUt). It is unlikely that international tourism will ever return to the full extent that prevailed before the pandemic. Thailand has lost so much in tourism that merchandise exports are relied upon to soften the blow. In India, boosting the manufacturing industry to improve its share in the economy is essential for mass employment and income growth. Upgrading the sector’s prowess and exports while promoting high value-added services exports are not mutually exclusive.

The Global Trade Update released by UNCTAD (bit.ly/3LLMps6) in February 2022 captures the challenge of relying on services exports, not only for the world but also for India. The report states: “During the fourth quarter of 2021, trade in goods increased by nearly US$200 billion to around US$5.8 trillion, a new record high. During the same period, trade in services increased by around $50 billion to around $1.6 trillion, a value just above pre-pandemic levels. The report notes that India’s goods exports grew by 25% in the fourth quarter of 2021 on average in 2019, while our services exports grew by 7% (third quarter of 2021 above 2019 average) .

In fiscal year 2021-22 through January, our non-oil, non-GJ exports (gold, jewelry and precious metals) totaled $255.7 billion, up nearly 35% from the same period in 2020-21 and 29.2% in 2019-20. The growth of exports of engineering goods in April 2021-January 2022 was almost 38% higher compared to the same period of 2019-20.

Moreover, the search for greater value added in the manufacturing sector does not necessarily have to be done (and is not done) at the expense of labor income. Indeed, the government has continued to formalize the economy with a view to improving working conditions, increasing incomes and providing workers with wage security. Over the past eight years, several budgets have encouraged employers to hire more workers into formal jobs, with the government providing for the payment of employer contributions to the provident fund under conditions and limits. The launch and rapid increase in registrations on the E-Shram portal is a sign that the government aims to bring better working conditions, access to many available formal benefits, credit facilities, etc., to million workers. All of these should improve their income.

An increase in manufacturing’s share accompanied by a steady increase in labor’s share of income is possible if productivity improves. This is where the creation of physical and digital infrastructure and process reforms such as Gati Shakti, which would reduce logistics costs over time, should play a role. Indeed, cheaper logistics would allow goods manufactured in the hinterland to be shipped around the world via port cities.

State governments must also play their part. A recent report by the Observer Research Foundation and Teamlease shows that violations of several trade laws, rules, and regulations result in criminal penalties. The majority of them fall within the domain of the States. The sooner they are reviewed and removed, if any, the easier it will be for entrepreneurs to focus on what they do best: generating jobs and profits, and thereby contributing to economic growth.

The commercial sector, for its part, must recognize the importance of creating a win-win combination of increased profits and increased labor income. To do this, it must improve the complexity and sophistication of Indian manufactured goods. The Economic Complexity Index, developed by the Harvard Growth Lab, shows that India rose significantly on this index in 2018 and 2019. But we still have miles to go. Indian companies must use the prevailing tailwinds – a weak tax regime, low real interest rates and a regime determined to improve trading conditions – to up their game.

India is not trying to copy China. It charts an economic destiny in keeping with its strengths and aspirations while creating the conditions that translate these aspirations into reality.

These are the personal opinions of the author.

V. Anantha Nageswaran is the Chief Economic Advisor to the Government of India.

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Economic impact of pandemic easing, but aftershocks may linger https://avanceeconomico.com/economic-impact-of-pandemic-easing-but-aftershocks-may-linger/ Sat, 19 Feb 2022 19:47:37 +0000 https://avanceeconomico.com/economic-impact-of-pandemic-easing-but-aftershocks-may-linger/ The grip of the pandemic on the economy appears to be loosening. Job growth and retail spending were strong in January, even as coronavirus cases hit a record high. New York, Massachusetts and other states have started lifting indoor mask mandates. California unveiled a public health approach Thursday that will treat the coronavirus as a […]]]>

The grip of the pandemic on the economy appears to be loosening. Job growth and retail spending were strong in January, even as coronavirus cases hit a record high. New York, Massachusetts and other states have started lifting indoor mask mandates. California unveiled a public health approach Thursday that will treat the coronavirus as a manageable long-term risk.

Yet the economy remains far from normal. The ways of working, socializing and spending, disrupted by the pandemic, have been slow to readjust. Prices are rising at their fastest pace in four decades, and there are signs that inflation is creeping into a wider range of goods and services. In polls, Americans say they feel gloomier about the economy now than at the height of shutdowns and job losses in the first weeks of the crisis.

In other words, it may be more than “the virus is the boss” – as Austan Goolsbee, an economist at the University of Chicago, put it. But the changes it triggered have proven both more persistent and more pervasive than economists had anticipated.

“I thought – totally naively – that once a vaccine was available, that we were six months away from a complete reassessment of the economy, and instead, we just grind it, “said said Wendy Edelberg, director of the Hamilton project. , an economic policy branch of the Brookings Institution. “A switch wasn’t flipped, and I thought it was okay.”

The resulting limbo is a challenge for the Biden administration, which has so far failed to convince a skeptical public that its economic policies are working, despite falling unemployment and a recovery that has outpaced the most projections. optimistic by most measures. And that’s a challenge for Federal Reserve policymakers, who have struggled to gauge how long the pandemic disruptions will last or how best to mitigate their effects.

It’s also a challenge for business owners like Katherine Raz.

Ms. Raz owns The Fernseed, a plant and flower store with two locations in Tacoma, Washington. Like many retailers, the business rode the Covid-19 roller coaster: after closing for two and a half months at the start of the pandemic, Ms. Raz was able to reopen and she even expanded the business in the summer of 2020 But a spate of cases later that year and a new round of government restrictions pushed the company to the brink and forced Ms Raz to fire one. of its seven employees.

In some ways, 2021 has followed a similar pattern. Business boomed in the spring as falling case levels and rising vaccination rates stoked optimism that the pandemic was coming to an end. Then the Delta and Omicron waves caused a drop in demand and created personnel problems.

This time, however, Madame Raz was ready. She had built up a financial reserve and invested in product lines that were less likely to suffer when cases spiked. She cut employee hours when business slowed, but avoided layoffs.

“I have a list of things, little levers that we can pull to make those adjustments to make the business more resilient,” she said.

Although Ms. Raz no longer cares about the survival of her business, she remains cautious. She would like to open a third location, in Seattle, and start offering classes and organizing events. She wants to hire a general manager to manage day-to-day operations.

Those plans are on hold while Ms. Raz grapples with continued disruption. Supply chain issues made it difficult to obtain key products, such as terracotta pots which she said were stuck somewhere in a shipping container. It stocked its inventory as much as possible, tying up capital for months longer than normal. And after two years of what she calls an “emotional whiplash,” she’s constantly on guard for another setback.

“I stopped pinning my hopes on this ending,” she said. “I prepare myself for the worst all the time and I don’t hope for the best.”

Some economists remain optimistic about the economy normalizing as the pandemic recedes, even if the process is taking longer than initially expected.

Mr Goolsbee, who served as chief economic adviser under President Barack Obama, was among those who argued at the start of the pandemic that the best way to revive the economy was to get the pandemic itself under control. Until that happens, he said, the recovery would be driven by the ebb and flow of case numbers and hospital capacity, variants and countermeasures.

He recently pointed to the relatively mild economic impact of the Omicron wave as evidence that consumers are becoming more comfortable.

“The reason the virus was the boss is that people were scared; they changed their behavior,” he said. “If this is a sign that the fear is easing, the virus will no longer be the boss and the economic pandemic will end.”

But others warn that the effects of the pandemic could outlast the pandemic itself, potentially leading to a shrinking labor force and faster inflation.

“It’s appropriate to start asking whether some of these changes are going to last at least to some extent?” said Michael R. Strain, economist at the American Enterprise Institute. “Things that happen over a two-year period, the chances of them sticking around are greater than those that happen over a one-year period.”

Fear of the virus may still affect consumer demand. Spending at restaurants plummeted in December and January as the latest spike in coronavirus cases kept diners at home. Air travel, hotel reservations and other in-person services have also suffered. And although employers added jobs in January, the total number of hours worked fell, in part because workers were sick at home, and most likely also due to reduced hours as demand increases. was decreasing.

But demand for services hasn’t fallen as far during the latest wave of coronavirus as it did at the start of the pandemic, and preliminary data suggests it has recovered more quickly. More comprehensive data through December show that the crisis-induced shift in consumer spending from goods to services is reversing, albeit slowly.

Supply disruptions were more difficult to resolve. Shortages of computer chips, lumber and even garage doors have delayed production of items ranging from cars to homes, while a lack of shipping containers has led to delays in almost everything transported from the foreigner. Some bottlenecks have eased in recent months, but logistics experts expect it will take months or even years for supply chains to function properly again.

Then there is the labor shortage. The pandemic has pushed millions of people out of the workforce, and while many have returned, others – including a disproportionate share of women – have not.

Diahann Thomas was at work at a Brooklyn call center in January when she received a call from her son’s school: her 11-year-old had been exposed to a classmate who had tested positive for Covid -19, and she had to pick him up.

“There are all these moving parts now with Covid – one moment they’re in school, the next moment they’re home,” she said.

Ms Thomas, 50, said her employer refused to offer her flexibility while her son was in quarantine. So she quit – a decision she says was made easier by the fact that employers are eager to hire.

“It boosted my confidence to know that in the end it won’t be hard for me to pick up the pieces, and I have more bargaining power now,” she said. “There’s this whole shift in terms of the employee-employer relationship.”

Ms Thomas expects to return to work once school hours are more reliable. But the pandemic has shown her the value of being home with her three children, she said, and she wants a job where she can work from home.

Whether and how people like Ms Thomas return to work will be crucial to the trajectory of the economy in the months to come. If workers return to the workforce as school and childcare become more reliable and health risks decrease, it will be easier for manufacturers and shipping companies to increase production and deliveries, giving supply a chance to catch up with demand. This in turn could allow inflation to subside without losing the progress the economy has made over the past year.

“If you got an improvement in the public health situation, you would see economic improvements in terms of increased work, increased production, improved functioning of the economy,” said Aaron Sojourner, a University of Minnesota economist who has studied pandemic economics. “I think it’s a real constraint.”

But people who have taken early retirement or quit their job to care for children may not return to work right away or may choose to work part-time. And other changes may be just as slow to reverse: Companies that have been burned by shortages may hold larger inventories or rely on shorter supply chains, driving up costs. Workers who have benefited from flexibility from their employers during the pandemic may demand it in the future. Rates of entrepreneurship, automation and, of course, remote working have all increased during the pandemic, perhaps permanently.

Some of these changes could result in higher inflation or slower growth. Others could make the economy more dynamic and productive. All make it harder for forecasters and policymakers to get a clear picture of the post-pandemic economy.

“In almost every way, the economic ripple effects that we might have hoped were temporary or short-lived are proving more lasting,” said Luke Pardue, economist at Gusto, a payroll platform for small businesses. “The new normal is very different.”

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British Columbia’s Economic Plan: Building an Economy that Works for Everyone https://avanceeconomico.com/british-columbias-economic-plan-building-an-economy-that-works-for-everyone/ Thu, 17 Feb 2022 19:21:13 +0000 https://avanceeconomico.com/british-columbias-economic-plan-building-an-economy-that-works-for-everyone/ The province is launching a bold new long-term economic plan that moves British Columbia forward by tackling today’s challenges while building an economy that works for more people and families. StrongerBC: A Plan for Today, a Vision for Tomorrow is built on the strength of British Columbia – its people. The plan aims to fill […]]]>

The province is launching a bold new long-term economic plan that moves British Columbia forward by tackling today’s challenges while building an economy that works for more people and families.

StrongerBC: A Plan for Today, a Vision for Tomorrow is built on the strength of British Columbia – its people. The plan aims to fill one million jobs over the next 10 years by investing in skills training, building resilient communities and positioning British Columbia as a global leader in a low-carbon economy.

“Our government understands that people are the economy and that growing the economy cannot mean leaving people behind,” Premier John Horgan said. “Today, British Columbia is a national economic leader, and our StrongerBC plan provides a framework for creating a low-carbon economy that works for everyone. An economy built for all is an economy built to succeed.

As a first step in the plan, the province is investing $136.6 million to build a new state-of-the-art trades and technology complex at the Burnaby campus of the Columbia Institute of Technology -British (BCIT). The complex will be a hub for vocational training and will include four new buildings, benefiting more than 12,000 full-time and part-time students per year in more than 20 trades and technology programs.

“The pandemic has exposed deep vulnerabilities in our society, and we know we cannot turn back the clock,” said Ravi Kahlon, Minister for Jobs, Economic Recovery and Innovation. “This plan is your plan. It is built by British Columbians, for British Columbians and puts people first. By investing in people, we will meet the challenges of today while building the economy of tomorrow. And through this plan, we will close our skills gap, prove that we can grow the economy while fighting climate change, and create a more inclusive, sustainable and innovative province.

Anne Kang, Minister of Higher Education and Skills Training, said, “Investing in new skills training infrastructure at BCIT is a crucial part of equipping students for the jobs of the future while supporting a clean economy. and innovative. The new Trades and Technology Complex will help ensure that future students have access to the best tools, instruction and equipment needed to meet the demand for approximately 85,000 new trades jobs expected over the next 10 years.

In addition to building a new trades and technology complex at BCIT, key actions of the StrongerBC economic plan include training British Columbians to succeed in the jobs of tomorrow, accelerating the all BC communities to high-speed internet, creating opportunities for underrepresented entrepreneurs, expanding domestic manufacturing capabilities, establishing an ESG Center of Excellence to promote environmental, social and governance principles for products and services, and creating more resilient BC businesses by expanding access to global markets.

The plan is built on the belief that an economy can grow and prosper, while tackling two fundamental issues: inequality and climate change. The StrongerBC Economic Plan sets the province on this path by working toward inclusive and clean growth, as well as identifying six missions to achieve these goals:

  • supporting individuals and families;
  • building resilient communities;
  • advancing genuine, lasting and meaningful reconciliation with Indigenous peoples;
  • meeting BC’s climate commitments;
  • leader in environmental and social responsibility; and
  • foster innovation across the BC economy.

The StrongerBC Economic Plan is the result of extensive engagement sessions, including sessions led by the Minister of Jobs, Economic Recovery and Innovation with over 300 people from all parts of the province and all horizons, such as business leaders, labor groups, First Nations and Indigenous communities, municipalities, and universities and colleges.

Mariana Mazzucato and her team at University College London – Institute for Innovation and Public Purpose, based in the UK, advised the province on the development of the plan. Mazzucato is one of the world’s foremost economic thought leaders who has advised governments and policymakers to provide solutions to societal challenges.

The plan’s objectives will be monitored using a wide range of progressive indicators. In addition to traditional economic indicators like gross domestic product (GDP) and job numbers, the plan will also measure well-being indicators like affordable housing, post-secondary education and poverty reduction.

StrongerBC: A plan for today, a vision for tomorrow is an evolving plan based on the experiences of British Columbians and designed to be adapted and adjusted. People are encouraged to share their economic priorities and ideas online. Feedback from the survey will help inform future policies and guide the work of the plan.

To participate in the survey, go to: StrongerBC.gov.bc.ca/engage

Quote:

Andrew Mercier, Parliamentary Secretary for Vocational Training –

“With over 85,000 new jobs in the trades expected over the next decade, it is imperative that we invest in the educational opportunities and facilities that apprentices and students need to do their jobs. I am excited about the future presented in the StrongerBC Economic Plan and supported by Skilled Trades Certification. I know our skilled tradespeople are up for the challenge of helping to build a stronger British Columbia for all of us.

Shaquille Davis, BCIT Level 4 Carpenter Apprentice –

“BCIT is a place where students learn to maximize their potential while gaining practical work experience applicable to everyday life. After completing four years of carpentry apprenticeship at BCIT, I am confident that I can tackle any complexity in my field. With support from BCIT, the provincial government and industry partners, there will be more educational opportunities to help students, like me, become innovators for the trades industry.

Kathy Kinloch, President, BCIT –

“This significant investment will facilitate the ongoing transformation of BCIT’s Burnaby Campus and our ability to contribute to BC’s continued pandemic recovery by giving trades and technology learners the skills and credentials they need. for today and tomorrow. This transformation will also equip our incredible faculty and staff with the tools to stay in step with current and emerging industry trends. Our thanks to the province, our generous donors, and BCIT faculty and staff for your crucial support in this key initiative.

Fast facts:

  • In fall 2021, a series of targeted virtual engagement sessions were held with First Nations governments and Indigenous organizations, with engagement continuing through 2022.
  • In addition, more than 300 stakeholders and partners contributed to the development of this plan by participating in 33 virtual engagement sessions.
  • British Columbia leads Canada in economic recovery with more than 100,000 new jobs added in 2021.
  • According to the Labor Market Outlook, more than one million job creations are expected in British Columbia over the next 10 years, approximately 80% of which will require post-secondary education and training.
  • The BCIT Trades and Technology Complex is the first provincially-funded post-secondary capital project that requires proponents to prioritize hiring Indigenous peoples, women and other underrepresented people in the trades through the Community Benefits Agreement.

Learn more:

For more information on StrongerBC: A Plan for Today, a Vision for Tomorrow, visit: https://strongerbc.ca/plan

To download the StrongerBC Economic Plan, visit: https://news.gov.bc.ca/files/StrongerBC_Economic_Plan_2022.pdf

To view a list of economic indicators for StrongerBC: A Plan for Today, a Vision for Tomorrow, visit: https://news.gov.bc.ca/files/Economic_Plan_Tracking_our_Progress_2022.pdf

To learn more about BCIT’s new Trades and Technology Complex, visit: https://commons.bcit.ca/news/2022/02/bcit-trades-technology-students-get-new-training-facilities/

Two background documents follow.

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Malahat Nation’s Growing Economy and New Projects https://avanceeconomico.com/malahat-nations-growing-economy-and-new-projects/ Mon, 14 Feb 2022 02:10:54 +0000 https://avanceeconomico.com/malahat-nations-growing-economy-and-new-projects/ In this week’s segment of Road to Recovery featuring Douglas Review, CHEK’s Jasmine Bala speaks with Angela van den Hout, Malahat Nation’s Director of Economic Development. Led by Chief George Harry, the Malahat Nation is making a name for itself with several large-scale projects and a growing economy. Last summer’s grand opening of the Malahat […]]]>

In this week’s segment of Road to Recovery featuring Douglas Review, CHEK’s Jasmine Bala speaks with Angela van den Hout, Malahat Nation’s Director of Economic Development.

Led by Chief George Harry, the Malahat Nation is making a name for itself with several large-scale projects and a growing economy. Last summer’s grand opening of the Malahat Skywalk is just one of their partner companies as their portfolio of businesses grows.

According to nation’s website, their economic development department “focuses on creating a positive environment for business growth, investment and sustainable development. Our goal is to generate long-term sustainable revenue streams for the nation and its members by partnering with businesses that share our values.

READ MORE: ‘Ultimate natural high’: Malahat SkyWalk officially opens on Vancouver Island

The Malahat Nation has many other notable projects underway, including a world-class film studio and business park.

Van den Hout explains in this episode what those projects are, why she joined the development team, and offers advice for those who want to work with the nation.

Road to Recovery is done in partnership with Douglas Magazine.

READ MORE: Road to Recovery: Entrepreneurs respond to pandemic by finding opportunity in challenge

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Wisconsin agencies and nonprofits can apply for new WEDC grants Feb. 22 https://avanceeconomico.com/wisconsin-agencies-and-nonprofits-can-apply-for-new-wedc-grants-feb-22/ Sat, 12 Feb 2022 19:35:56 +0000 https://avanceeconomico.com/wisconsin-agencies-and-nonprofits-can-apply-for-new-wedc-grants-feb-22/ About $40 million statewide is on the table for local agencies and nonprofits to apply to improve the chances of area residents getting the training and resources they need to find employment or progress in employment. Beginning Feb. 22, local organizations can submit proposals to address economic issues in their state area. Grants range from […]]]>

About $40 million statewide is on the table for local agencies and nonprofits to apply to improve the chances of area residents getting the training and resources they need to find employment or progress in employment.

Beginning Feb. 22, local organizations can submit proposals to address economic issues in their state area. Grants range from $250,000 to $10 million. The deadline to submit a grant application is April 25.

the Workforce Innovation Grantoffered by the Wisconsin Economic Development Corporation. has already donated nearly $60 million to local organizations to address issues such as training, child care, transportation and pilot program development.

According to the WEDC, the first round of projects included public-private partnerships to train and attract healthcare workers throughout rural Wisconsin; training next-generation, advanced manufacturing employees in west-central and southeastern Wisconsin; expand affordable, high-quality child care in Door County, Green County, and south-central Wisconsin; create pipelines of educated young workers in Milwaukee; train skilled construction workers and tradespeople across the state; fostering a culture of entrepreneurship in Kenosha; and enable incarcerated individuals to earn undergraduate degrees from the University of Wisconsin system.

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U.S. Competitiveness Legislation Key to Addressing Today’s Economic Challenges and Creating Tomorrow’s Opportunities https://avanceeconomico.com/u-s-competitiveness-legislation-key-to-addressing-todays-economic-challenges-and-creating-tomorrows-opportunities/ Wed, 02 Feb 2022 16:30:10 +0000 https://avanceeconomico.com/u-s-competitiveness-legislation-key-to-addressing-todays-economic-challenges-and-creating-tomorrows-opportunities/ Under the direction of President BidenJoe BidenBriahna Joy Grey: Biden Supreme Court Promises ‘Minimal’ Gesture to Black Voters House GOP Leader Says State of the Union Turnout Could Be Capped: Report Record Registration Numbers Send a clear message about healthcare affordability, access MORE and Democratic majorities in Congress, our economy is booming. Over the past […]]]>

Under the direction of President BidenJoe BidenBriahna Joy Grey: Biden Supreme Court Promises ‘Minimal’ Gesture to Black Voters House GOP Leader Says State of the Union Turnout Could Be Capped: Report Record Registration Numbers Send a clear message about healthcare affordability, access MORE and Democratic majorities in Congress, our economy is booming. Over the past year, the unemployment rate has fallen to a record low 3.9%, 6.4 million jobs have been created, wages have risen, child poverty has fallen, and America is leading the world in a strong recovery – a Biden Boom! But despite this historic growth, real challenges remain.

The ongoing COVID-19 pandemic, supply chain disruptions, and decades of underinvestment in U.S. infrastructure and manufacturing have driven up prices for Americans at groceries and grocery stores. gas pump. The Biden administration and Congress have already moved to dampen inflation and remove bottlenecks by expanding operations at key ports, releasing oil from the Strategic Petroleum Reserve and enacting the bipartisan Infrastructure Act. . But this cannot be the end of our work.

Right now, Congress can address the challenges facing families and keep the Biden Boom going by taking bipartisan action on US competitiveness legislation to secure our supply chains, reduce costs, strengthen US leadership , spur innovation and create well-paying jobs that will enable the United States for long-term economic success. In December, the New Democratic Coalition announced our main priorities for this legislation and worked to ensure they were included in the House’s America COMPETES Act. It will solve many of the problems we face today, create opportunities for tomorrow, and help America succeed in the 21st century.

First and foremost, this legislation must address the global shortage of microchips. From cars and clean energy technologies to cell phones and dishwashers, semiconductors and microchips are essential to the products Americans rely on every day. But the current global chip shortage is driving up prices for U.S. consumers in many industries. For example, new car prices have increased to 14% last year and used car prices have gone up 37%. Passing legislation that strengthens global supply chains and supports domestic manufacturing will not only strengthen our microchip offering, but also reduce costs, create good American jobs, and help the United States lead the economy. world.

It’s a win, top to bottom.

To compete globally, we must also leverage the talent of hardworking Americans in diverse communities across this country. Currently, jobs in the technology and innovation sectors are concentrated in a handful of coastal cities. Only five American cities represent 90% recent growth in jobs in innovation. That’s a lot of untapped potential and communities left behind. By investing in new innovation centers in regions outside of existing tech hubs like Silicon Valley, we can unlock the potential of communities like Madison, Wisconsin, and Allentown, Pennsylvania, to attract new industries, meet game-changing challenges and create the professions of the future.

If we are to fill these jobs, we must also support the next generation of high-tech, highly skilled American workers. I personally understand how important well-funded education and research opportunities are for STEM jobs. Before coming to Congress, I was blessed with a quality education that prepared me for a job in science and technology. By expanding fellowships and undergraduate research opportunities, especially at historically black colleges and universities, Hispanic-serving institutions, and tribal colleges and universities, working Americans will gain the skills necessary to thrive in the Mondial economy. Increased educational opportunities and funding will also ensure that America leads the world as innovators and creators.

None of these investments occur in a bubble. America is made stronger by the support of our allies and close trading partners. That is why we must leave behind the isolationist policies of the last administration and return to the role of rule makers, not rule takers. We are in a global race for the future and if we don’t make these key investments, we put our national security, our allies and our values ​​at risk. As countries around the world increase their investment in science and technology, we must ensure that we are not just keeping pace, but staying ahead of the curve. This legislation levels the playing field so that the United States can compete fairly on the world stage.

We should not be intimidated by today’s economic challenges. We should be excited about the opportunities ahead of us. President Biden recently noted, “the best thing to do to combat high prices is a more productive economy, with a greater ability to provide goods and services to the American people.” This bill honors and keeps that promise. It will be hard work, but Americans have never been shy about discovering and creating the future. The New Democrats will work with the Biden administration and our colleagues on both sides of the aisle and on Capitol Hill to get the final bill to the president’s desk as soon as possible.

Suzan DelbeneSuzan Kay DelBeneDemocrats seek to trim Biden bill to pass Democrats face tough choices on Biden plan after Manchin setback The Hill’s Morning Report – Presented by National Industries for the Blind – Manchin says no; The White House is fighting back MORE represents Washington’s 1st District and is President of the New Democrat Coalition.

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Economic Development Committee welcomes representatives from Structall Building Systems | Avery https://avanceeconomico.com/economic-development-committee-welcomes-representatives-from-structall-building-systems-avery/ Wed, 02 Feb 2022 05:00:00 +0000 https://avanceeconomico.com/economic-development-committee-welcomes-representatives-from-structall-building-systems-avery/ NEWLAND – The Avery County Economic Development Committee held its first New Year’s meeting on Tuesday, January 25. The EDC, dedicated to serving and supporting the growth of the region, began by nominating and voting for the positions of President, Vice President and Secretary. Ken Walter remains committee chair, Clayton Harpold remains vice-chair and Susan […]]]>

NEWLAND – The Avery County Economic Development Committee held its first New Year’s meeting on Tuesday, January 25. The EDC, dedicated to serving and supporting the growth of the region, began by nominating and voting for the positions of President, Vice President and Secretary. Ken Walter remains committee chair, Clayton Harpold remains vice-chair and Susan Siirila remains secretary.

The EDC came together via Zoom and welcomed star guests Victoria and Jon Bowman from Structall Building Systems. Structall is a manufacturing and distribution company offering a complete line of construction products centered on Structural Insulated Panels (SIP) used primarily in the construction of patios. Specializing in the Snap-N-Lock branded panel, an energy-efficient building panel for professional contractors, the company seeks to provide quality, handcrafted materials.

As previously reported by The AJT, SBS, a Florida-based company, is currently in the process of opening a new manufacturing site in Newland. The Newland installment will be Structall’s fifth location, along with two other locations in Florida, one in Texas and another in Louisiana. The Bowmans and their family moved to Avery in September to build the last Structall center.

Victoria’s father started the business from scratch in 1987, with Victoria and Jon managing operations from the new Newland facility.

“It’s a basic product. Our production quality and locking mechanism sets us apart,” Victoria said of the company.

By focusing on high caliber goods, Structall has become even more competitive in the traditional market.

“We are not automated. Everything is made by hand. This is where our quality standards come in. We have more colors and textures than anyone else on the market,” added Victoria Bowman.

The Newland site, which will use the old IRC building near Avery County High School on Highway 181, is currently being renovated and rebuilt to company specifications. Newland was chosen as the next facility to be built due to the good access point and the fact that the company has studied market opportunities in the area.

With other locations in warmer climates, Victoria noted that “although it is colder and there are temperature issues, the panels take longer to set. It can be overcome, but (is) something to consider.

Advancing progress in the facility will eventually bring many employment opportunities for area residents. Traditional manufacturing jobs are seen as a 5-year target, while skilled trades positions and a hybrid business development entrepreneur position will be offered in the near future.

“The sky’s the limit with this setup,” Victoria said. “Sales and volume have been good and we are excited to start hiring.”

The company hopes to have positions available by the end of the first quarter.

Structall is already thinking about setting up a mockup of its product for people to see and touch. There is also an opportunity for Structall to expand to Avery High School in regards to the shop class. The Bowmans noted that the goal is to make Newland a true distribution point with an in-house fleet of box trucks.

Another long-term goal of the company is to introduce a second line of panels in the new factory. Structall will operate primarily as a professional contract market partner and will continually progress towards its quality assurance and proof of concept.

“They’re an absolutely wonderful family and will bring incredible manufacturing to Newland,” said EDC President Walter. “This region has lost many factories and it is gratifying to see the return of a manufacturing complex. It will be a boom not just for Newland, but for all of Avery County.

In other EDC news, the committee’s official mission statement had a motion to pass in its current context and was approved. It will be forwarded to the county commissioners for final approval.

The former Lowes Foods building in Newland has attracted more interest from individuals and businesses. EDC and the county will evaluate options and benefits to the community.

Avery Cooperative Extension manager Jerry Moody informed the committee that the demand for trees is high and the amount of available land is less than the current demand. Christmas tree orders have already started coming in for next year’s season.

County Executive Phillip Barrier noted that the 402-page housing assessment will be presented at a meeting on Friday, Feb. 18, with a time and location yet to be determined. Barrier explained that the second home market in the U.S. Census is straining housing in the area and Avery “has to find that balance.”

Barrier also explained that the U.S. bailout, as it relates to federal government and North Carolina state guidelines, will have restrictions. However, a broadband press release will hopefully come out by the end of the month.

“There is an opportunity in the next few months to bring change to our county,” Barrier said.

Avery County Chamber of Commerce Director Anne Winkelman said there could be a festival in June at the Heritage Park Community Center with 40 potential vendors.

“Hopefully that will come true,” Winkelman said.

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Representatives Sherrill and Pascrell Host a Press Conference on U.S. Army Corps of Engineers Funding for the Peckman River Basin Project https://avanceeconomico.com/representatives-sherrill-and-pascrell-host-a-press-conference-on-u-s-army-corps-of-engineers-funding-for-the-peckman-river-basin-project/ Tue, 01 Feb 2022 00:42:00 +0000 https://avanceeconomico.com/representatives-sherrill-and-pascrell-host-a-press-conference-on-u-s-army-corps-of-engineers-funding-for-the-peckman-river-basin-project/ Little Falls, New Jersey–– Representatives Mikie Sherrill (NJ-11) and Bill Pascrell (NJ-09) held a press conference today with Little Falls Mayor James Damiano, Woodland Park Mayor Keith Kazmark, NJDEP Commissioner, Shawn LaTourette, and Colonel Matthew W. Luzzatto of the US Army Corps. of Engineers (ACOE) to highlight the recent announcement that the Peckman River Basin […]]]>

Little Falls, New Jersey–– Representatives Mikie Sherrill (NJ-11) and Bill Pascrell (NJ-09) held a press conference today with Little Falls Mayor James Damiano, Woodland Park Mayor Keith Kazmark, NJDEP Commissioner, Shawn LaTourette, and Colonel Matthew W. Luzzatto of the US Army Corps. of Engineers (ACOE) to highlight the recent announcement that the Peckman River Basin Project, which will help address and mitigate flooding in the area, will be funded by the federal government.

“Turn Jackson Street in Little Falls after the remnants of Hurricane Ida swept through North Jersey and the Peckman River flooded was completely devastating. The lives and homes of these families are constantly upended and many are are still recovering from Ida today. Unfortunately for NJ-11, the fallout from the major floods was nothing new for us,” said Representative Sherrill. “But today, we are taking a step forward for the quality of life and the well-being of our community. I worked with the Army Corps of Engineers to ensure the finalization of the Chief’s Report for this project and full authorization for Congressional spending, to remove administrative hurdles and begin moving forward. I am grateful for their partnership in this effort. Thanks to this work, when the Ida Disaster supplement was adopted, this project was at the ideal stage to be funded. I want to thank Rep. Pascrell, Mayors Kazmark and Damiano, and NJDEP for their support and efforts that made this possible. It’s not just a climate issue. This is a health, safety and economic issue and today critical Federal resources are arriving in North Jersey to address this historic issue.

“New Jerseyans are no strangers to natural disasters. From Super Hurricane Sandy to Hurricane Ida, we know the tragedy of flooding in our communities and the resulting financial devastation. Today I am extremely proud to announce with MP Sherrill $146 million for flood prevention and $6 million for disaster relief investigations in North Jersey. This is a big problem for our state,” Rep. Pascrell said. “These funds for the Peckman River Flood Prevention Project come directly from President Biden’s infrastructure bill and the additional hurricane disaster our Democratic Congress passed last year. I first involved the Corps in Peckman years ago so that we could implement the best possible flood prevention methods. Today, thanks to President Biden and our Democratic Congress, we finally have the funds to carry out this life-saving project. Let’s do this thing.

“Federal funding for the Peckman River Flood Mitigation Project is remarkable! This is a long-term, permanent solution that will give so many Little Falls residents the relief they deserve,” said James Damiano, Mayor of the Township of Little Falls. “Residents of the Jackson Park section of the city will no longer need to live in fear that their homes, property or lives will be in danger from the Peckman River. Since I was elected five years ago, so many longtime residents of Little Falls have told me that this project will never happen after seeing nearly 25 years of study. Now that project is a reality, and I can’t thank Congresswoman Sherrill and her staff enough for their tireless work with us to make it a reality.

“I think many in our communities weren’t sure that day would ever come. That the funding for this life or death project would actually be allocated to pay for this project. Well the day has come and we thank Rep. Sherrill, Rep. Pascrell, Sens. Menendez and Booker and the Army Corps. of Engineers for their efforts in completing the Peckman River Flood Mitigation Project. Our residents who are affected by the flooding appreciate that something is finally being done,” said Keith Kazmark, mayor of the borough of Woodland Park.

“The District of New York looks forward to continuing its work on the Peckman River Study, which includes leveraging data from previous studies and working with our stakeholders at the federal, state and local levels to complete this project”, said Col. Matthew W. Luzzatto, New York District Commander. “Additional funding will allow us to begin preliminary engineering design and continue coordination with our partners at Little Falls, Woodland Park and NJDEP as we work together to develop and implement tangible flood risk reduction measures for residents of these communities.

“Just months after the remnants of Hurricane Ida swept through New Jersey, causing extensive damage to homes and businesses along the Peckman River, I am proud to announce this federal funding that will help jump-start a project critically aimed at mitigating flood risk and providing long-overdue relief to nearby residents,” said Senator Cory Booker. “This project is the result of close collaboration between federal, state and local authorities, and I am especially grateful for the partnership that has been put in place to make today’s announcement a reality.”

“I am proud to have worked with my colleagues on both sides of the aisle to secure this funding, which will ensure our state has the resources necessary to complete the Peckman River Basin Project and other critical projects in New Jersey. As we experience the effects of climate change with greater storms and flooding, we must invest in mitigation projects to protect our communities and families,” said Senator Bob Menendez.

“To best protect New Jersey communities from worsening extreme weather and flooding, we need a diverse portfolio of strategies that include big infrastructure investments like the Peckman River project, local management more intentional stormwater and regional watershed restoration that creates additional flood storage,” said New Jersey Environmental Protection Commissioner Shawn M. LaTourette.“Governor Murphy and I are grateful to our partners at the U.S. Army Corps of Engineers for moving this vital project forward and for the continued advocacy of Representatives Mikie Sherrill and Bill Pascrell who have ensured that Washington DC meets the needs of our communities. DEP will work hard alongside the Corps and Mayors Kazmark and Damiano to expedite the completion of these much-needed projects.”

After personally touring the devastation of Woodland Park and Little Falls in the aftermath of Ida and speaking with those whose lives were turned upside down by that storm, Rep. Sherrill appealed to the Biden administration for full federal funding for the project. of the Peckman River basin. Additionally, at the request of Representative Sherrill, construction of the Peckman River Basin Project was authorized in the Water Resources Development Act 2020. Learn more about the project here.

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