G7 summit in Iqaluit frosty treat to some, freezer burn to others
Concerns over the location and logistics for Friday and Saturday’s G7 meeting in Nunavut have not been alleviated, and some are even questioning the modern relevance of the global meetings in the absence of emerging economies like China and India.
The summit is being held in Iqaluit, Nunavut’s capital, where arctic temperatures can reach minus 40 degrees Celsius. Leaders from Britain, Canada, France, Germany, Italy, Japan, and the United States will be in attendance, but sources say that some are not exactly enamoured with the remote location, which can be accessed only by sea and air.
Finance Minister Jim Flaherty has said that the “pristine and gorgeous” location was approved by governmental peers. While Nunavut does provide a wondrous, unadulterated backdrop, it’s likely that the reasons behind the selection are more strategic. Prime Minister Stephen Harper’s wish to enhance Canada’s arctic stance in the face of Russian territorial claims, and leaders who would rather avoid big protests, may play a larger role.
With Nunavut’s limited number of hotels, several non-governmental organizations who planned to make the trek to the capital are out of luck—hotels are booked solid through next week. Those trying to make last-minute plans to attend have no options.
Vancouver Olympics sparks cheers and jeers among locals
With only a week to go, locals of Canada’s third-largest city are still unsure whether hosting the 2010 Winter Olympics is good for the region. National surveys show that concerns over the Games are higher in Vancouver than in other areas of the country.
Arthur Griffiths, a businessman who worked with others in the business community in proposing to host the Olympics, told Reuters that that’s just how the city is.
“Vancouver has a tendency to be passionate on both sides of any issue... That’s just the nature of Vancouver and probably has as much to do with the make-up of our culture and city as anything.”
Part of the reason may also stem from the fact that with 2.1 million people, Vancouver is the largest city to ever hold the Winter Games. More people can sometimes equal more opinion.
The stakes are high for Canada, which has never won a gold medal in any Olympic event at the two previous Canadian Olympics—Summer 1976 in Montreal and Winter 1988 in Calgary.
GDP to grow even more in 2010: Economists
Minister of Finance Jim Flaherty met with some of Canada’s leading economists on Tuesday, who provided a more optimistic outlook on the economy than previously thought. The private-sector economists raised expectations slightly for 2010, and even higher expectations for 2011, than Bank of Canada Governor Mark Carney gave last month.
Forecasted Gross Domestic Product (GDP) for 2010 is up 0.3 percent from September’s report, to 2.6 percent. Carney had said that he didn’t believe growth would exceed 2 percent unless there was a noticeable rise in market productivity.
The Finance Minister is under pressure from the opposition to eliminate or reduce the deficit without raising taxes or cutting spending. Flaherty made it known that his focus is on economic recovery rather than on the deficit.
“The first thing to do is make sure the economy recovers, that’s absolutely imperative,” he told reporters in Ottawa. “What we will also show in the budget is our plan, once we have sustained recovery, how we will move back with deficit reduction toward balanced budgets.”
Canada’s 2010 budget is scheduled for March 4.
Compiled by Matthew Simon
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