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The Effects Of September 11 On The Canadian Economy.

1013 words - 4 pages

The Effects of September 11 on the Canadian EconomyWhile September 11 did cause a great loss of taxpayers money that went towards security there has also has been a big loss to tourism and as a consequence the hotel business in Canada has suffered.Loss to Hotel IndustryThe front headlines of many major news papers said the news loud and clear. Hotel group says it cut 500 jobs since the U.S. terror attacks, read the Associated Press. Hotel Chain Slashes Jobs in Wake of Terror Attack, read the Wall Street Journal. With the addition of these losses, the effects of an already declining economy and the collapse of Canada 3000 airline Canadian hotel managers began preparing themselves for the worst.While the financial effects of last September's events were felt through out the hotel industry, they also created an unsteady job market for the thousands of staff at Canadian hotels. As travel slowed down, occupancy rates started to diminish coast to coast, considerably changing the power in the job market. Almost a year ago it was an employee's market, with many jobs available and a great demand for good employees. Now, with occupancy rates dropping, positions were being cut, hours cut back and budgets shifted, leaving those who still have jobs thankful, stressed and overworked.But just how badly did the events of September 11 affect employment and employees in Canada's hotels? Most probably better than you think .If you ask how are hotels coping, are they rebudgeting? , are they cutting back hours? , are they laying off people "The answer is all of the above.TradeCanada relies more heavily on trade then any other major economy. More than 43 percent of Canada's GDP depends on international trade which is greater than that of any other major nation. One out of three jobs in Canada depends on trade. As Canada's exports have grown, the amount of exports to the United States has also grown and now accounts for some 85 percent of the Canadian goods trade.Canada's dependence on trade with the United States has been by emphasized by the after effects of September 11. Canada United States border delays are an issue because 70 percent of the value of Canada's trade with the United States is transported by truck. Integration of the North American economy on a north south basis has resulted in a $1.9 billion per day two way flow across the border.Heightening SecurityThe September 11th attacks had forced Canadians to deal with a new kind of threat. In response an improved Budget 2001 was introduced to improve personal and economic security in Canada. In total the budget provided $7.7 billion over the next five years to improve security for Canadians. That included: $6.5 billion for security, including air security and Canada's military; plus more than $1.2 billion for initiatives designed to make Canada's border more secure and efficient.Budget 2001: Security funding(over five years)($ billions)Intelligence and policing 1.6Screening entrants to Canada 1.0Emergency...

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