In a recent address by Prime Minister Justin Trudeau, he said that the Canadian government is ready to provide a substantial financial stimulus plan, aimed to help Canadians, especially those with businesses most affected by the COVID-19 pandemic.
A fiscal stimulus plan is comprised of higher funding and low tax cuts, that in theory, would make room for more disposable income. This offering from the Canadian government will momentarily give the nation respite from the economic hits caused by the virus and the unstable financial markets.
In his address, he said that the government does not want anyone worrying about their capacity to fulfill their financial obligations such as paying rent, buying groceries, and caring for children and elderly family. He adds that all Canadians must have access to the best public health advice available, as well as the means to protect themselves amid the outbreak.
Digital Charter’s Role in Fighting Coronavirus-Related Economic Recession
The COVID-19 outbreak is dealing with a massive blow to the country’s overall stability and security. Canadians are growing fearful of health and economic threats that could plunge the nation into a recession. The Digital Charter has a solid foundation meant to address several concerns troubling Canadians in terms of their online safety and privacy.
Furthermore, the Digital Charter has mechanisms in place that could give rise to new and disruptive technologies suited for the needs of a fear-stricken nation. It can strengthen the country using technology to address its vulnerable spots. The Charter’s foundations are necessary for spreading accurate information, and in providing the people more assurance that their safety and privacy remain protected amidst the threat of a global crisis.
In 2016, Justin Trudeau was elected as the prime minister of the country. Justin’s government helped Canadians to help digital charter because the global economy was striving for the digital platform. In a first speech as the prime minister, Trudeau said that the digital revolution is changing society and economy and in the end, it will have a big effect on data, personal information, business information, etc. Digital charter’s main goal is to implement technologies into the business world mainly. The first cycle of the business sector had a positive impact on the online gaming sector. Gambling, in general, is legal in Canada. The Canadian government has enabled gambling venues (casino and betting platforms) in the late 20th century. From the start of the new century, Canada saw the rise of online casinos. Justin Trudeau’s main goal was to get more out of every business sector and the same approach was regarding online casinos. Over the years, the government implemented bitcoin as the legal currency, artificial intelligence through gaming venues and facial recognition systems to avoid identity theft. Real money online casinos in Canada had to adapt to new changes. Gamers were free to use real money or bitcoin payments and manage the funds as they wanted. Bitcoin payments allowed international gamers to switch to Canadian online casinos. Adapting technological advancements helped the online casino industry to grow rapidly. Relevant help from the Canadian government helped the iGaming industry to strive for more revenue and economists believe that could be a mini-model of how the Canadian government can help local businesses fight against financial crisis storming 2020.
Canadian Government Has a Plan to Help Businesses
Amid news of rising COVID-19 cases, Trudeau’s latest speech addressed the nation’s doubts and concerns about the spread of the virus all over Canada. Now with over 150 people infected, including Sophie Trudeau, the Prime Minister’s wife, Canadians are worried about the consequences of school closures and the cancellation of major events and public gatherings to the nation’s stability and financial security, especially to people’s incomes and day-to-day living.
In his message, Trudeau assured that the said financial aid would help those most in need, especially those that could find themselves in tight spots as a result of missing work. According to Reuters, the total value of the economic aid package could be more than C$20 billion for the whole country.
Furthermore, Minister of Finance Bill Morneau also announced that the distribution of the said economic aid would be through the Business Development Bank of Canada. He further mentioned that the unveiling of essential details of the said package would commence in the coming weeks, before the 30th of March.
Amid these extraordinary times, Morneau says the Canadian government is ready to take equally extraordinary measures for its people. He also announced that part of the economic aid package, an estimate of $10 billion, will be awarded mostly to small and medium-scale businesses. This support will not only help the most vulnerable Canadian companies stay afloat but offer comfort to Canadians and their families during what could be one of the most financially challenging times in their lives.