“Is the Saskatchewan economy in trouble? The Saskatchewan NDP certainly seems to think so, as they call out the provincial government for the loss of 875 local businesses since the Saskatchewan Party took power. But is this really the whole story?
Loss of Local Businesses and Jobs
According to the NDP, the province has seen a significant decline in the number of businesses, with 40,000 fewer jobs available now compared to 2018. This sustained loss is alarming, and Aleana Young, NDP jobs and economy critic, blames inflationary costs for driving these businesses away.
On the other hand, the Saskatoon Chamber of Commerce challenges these claims, stating that the city might be performing better than Statistics Canada suggests. They report an increase in new business licenses issued, indicating growth in certain sectors.
Challenges Faced by Businesses
Brianna Solberg with the Canadian Federation of Independent Business highlights the top concerns for businesses, including taxes, regulatory costs, insurance premiums, and overall inflationary pressures. Small business owners are feeling the squeeze, making it difficult to stay afloat in the current economic climate.
Call for Government Intervention
The CFIB has urged the provincial government to remove the provincial sales tax on insurance to alleviate some financial burden on businesses. However, Young believes that consumers in Saskatchewan are facing financial constraints, limiting their ability to support local businesses.
Positive Economic Indicators
Despite the challenges faced by businesses, the provincial government remains optimistic. They point to the growth in the labour force, an increase in full-time jobs, and strong GDP growth as signs of economic resilience.
Conclusion: A Balanced View
While the loss of businesses and jobs in Saskatchewan is concerning, it’s essential to consider different perspectives. The economic landscape is complex, with various factors at play. It’s crucial for the government, business community, and consumers to work together to navigate these challenging times and strive for a thriving economy that benefits all stakeholders.”
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