MSN - CP Wibbitz English Feed http://syn2.thecanadianpress.com:8080/mrss/feed/2a136d9ed89b4164ab6450367889bf46 MSN - CP Wibbitz English Feed Copyright © 2010-2018 The Canadian Press. All rights reserved. http://www.rssboard.org/rss-specification Thu, 24 Jun 2021 18:33:11 +0000 Spend on services to boost economy: economist http://syn2.thecanadianpress.com:8080/mrss/feed/2a136d9ed89b4164ab6450367889bf46/ca1a5760760c4f399cf60c06115f342f Canadians who want to help the country's economy rebound should book haircuts, hire tradespeople for home renovations and keep ordering from local restaurants. CIBC senior economist Royce Mendes says these actions are more likely to stimulate Canada's economy and keep money within the country than online impulse shopping. Throughout the COVID-19 pandemic, Mendes says purchases have leaned heavily towards consumer goods instead of services and that’s costing the economy. He says money is less likely to leak out of Canada if it is spent at a local restaurant or on a service than if it is directed towards similarly-priced goods. Services stimulate a rebound because the people who offer them are more likely to take the money they earn and spend it within the domestic economy again. Mendes says he doesn't think it will be hard to get Canadians to spend now that lockdowns are lifting and jobs are returning. But he says if people allocate their cash domestically they can trigger an even faster rebound ca1a5760760c4f399cf60c06115f342f Fri, 12 Mar 2021 18:47:33 +0000 Canadians who want to help the country's economy rebound should book haircuts, hire tradespeople for home renovations and keep ordering from local restaurants. CIBC senior economist Royce Mendes says these actions are more likely to stimulate Canada's economy and keep money within the country than online impulse shopping. Throughout the COVID-19 pandemic, Mendes says purchases have leaned heavily towards consumer goods instead of services and that’s costing the economy. He says money is less likely to leak out of Canada if it is spent at a local restaurant or on a service than if it is directed towards similarly-priced goods. Services stimulate a rebound because the people who offer them are more likely to take the money they earn and spend it within the domestic economy again. Mendes says he doesn't think it will be hard to get Canadians to spend now that lockdowns are lifting and jobs are returning. But he says if people allocate their cash domestically they can trigger an even faster rebound Spend on services to boost economy: economist