In Canada, 800 small companies filed for bankruptcy in 1 month, fears of recession due to inflation and unemployment

Toronto, March 19, 2024, Tuesday

Many countries of the world including Canada, Britain are experiencing economic recession. At such times, bank bankruptcy filings are increasing. According to the information received, more than 800 companies filed for bank bankruptcy in Canada last January. In the year 2023, the number of companies with bank debt has increased by 40 percent. The number of companies with bank corruption is highest in the last 13 years.

During the Corona period, interest-free loans of $45,000 were given to companies whose repayment deadline was in the month of January, then the amount of bank corruption has increased. The participation of small companies in Canada's GDP is 33 percent. In Canada, according to government statistics, the country's economy has become strong, but small companies and consumers are having to struggle a lot. Canada has survived the current economic recession, but reduced job opportunities have strained the financial budgets of foreign students. Due to rise in inflation, the people of new settlement have to face problems.

Japan hiked interest rates after 17 years to boost economy

Japan's central bank has raised interest rates after 17 years to stimulate the economy. With this, the long-running economic policy of negative interest rates has come to an end. According to the information received, Bank of Japan interest rates have to be taken for the first time since 2007. The Bank of Japan raised short-term interest rates to 0.1 percent from negative 0.1 percent. It is worth mentioning that in 2016, Japan took a step to bring the interest rates below zero to negative.