Trudeau announces an economic aid package to help Canadians amid an outbreak

Npnews24 : A fiscal stimulus package is being prepared by the Canadian government to help businesses and citizens. Justin Trudeau, Canada’s prime minister, says that the aid will focus on those who are affected by the COVID-19 outbreak the most.

The Digital Charter Against Economic Recession Caused by Pandemic

Coronavirus affects Canada, even if the outbreak in the country isn’t severe. The export market has taken a massive hit with the ongoing trade war between the U.S. and China. The coronavirus is making the situation even worse for China, which directly affects Canada’s economy. A recession will also happen any time soon, according to economists, and the outbreak seems to hasten the process.

As Trudeau took the power in hands back in 2016, the government started helping the digital companies. The digital charter was announced in the first year of Trudeau’s service and it helped many industries including online gambling and casino platforms. Online casino space was the best bet for Trudeaus’ team. The iGaming industry is very flexible when it comes to revolutionary advancements, so every big change affected the industry in a positive. The government could test big decisions on iGaming space and act upon the results. The first big decision from Trudeau’s office was the usage of different financial technologies as it would make Canadians life easier and better. Fin-tech advancements like Bitcoin, PayPal, and crypto, in general, were tested on iGaming platforms. From 2017, the best real money online casinos started offering transactions via Bitcoin and other online currencies that helped the industry to grow exponentially. The growth of the iGaming industry resulted in more billions of dollars into the economy of the country. That approach made it visible that the country’s government is ready for unorthodox decisions when it comes to the growth of the economy. Economy experts are waiting for the same decisions and steps from Trudeau’s team during the hard times that country had ahead.

The Digital Charter announced by Canada’s Minister of Innovation, Navdeep Bains, is essential to help with the impending recession. The charter makes sure that Canadians will have proper access to immersive digital platforms. It includes providing broader options for tools and skills to participate. Safety and security are both integral part of this charter that needs proper implementation. Failure to provide a secure digital space would lead to doubts and possible loss of trust from the citizens.

Data is essential for businesses nowadays that some of them consider it as a resource. To make this Digital Charter work, Canadians need to trust the government not just with their data, but also with their security and protection in the digital space. Companies can use these gathered data for innovations and future research. Tech startups will also gain an edge, giving them the beginning they needed to catapult to success. Canada is also well-known for its booming tech industry and massive startup ecosystem. With more companies thriving and succeeding with their goals, Canada’s economy will also benefit. This needed economic boost, alongside the stimulus package preparation, is timely due to the coronavirus outbreak where recession is possible.

Government Expresses Plans to Help Businesses Amidst Pandemic

Businesses can get financial assistance from the government through the Business Development Bank of Canada. A total of $10 billion is ready for companies. More details are yet to come with the announced stimulus package.

Bill Morneau, Canada’s Finance Minister, ensures that most of the $10 billion budget would go to small businesses and companies.

Morneau added that these initiatives are for the citizens’ financial security, especially on these dire times.

To aid businesses as well, the Bank of Canada opted to lower their interests. This move is also timely because of the declining oil prices that don’t seem to improve.

Stephen Poloz, Governor of the Bank of Canada, is positive that the interest cut will help not only businesses but Canadian citizens as well.

The government of Canada wants to assure its citizens that there’s nothing to worry. He is concerned about the looming outbreak causing concerns. Trudeau wants to help his citizens financially and not having them worry about rent and groceries.

Trudeau also wants to make sure that the citizens can follow the government’s health advice freely, without worrying too much about resources.

The prime minister stated that the packages they will distribute are aiming to help workers that are staying at home. Small business owners are also inside the scope of these aid packages, and according to Trudeau, the government is more than capable.