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April 19, 2021

Why the care economy is a key economic driver

By Paul Dennis

19 April

Economist and public interest researcher at Canadian Centre for Policy Alternatives, British Columbia, Iglika Ivanova retweeted a post by economist Armine Yalnizyan in which the latter shared opinion about the importance of the care economy as an economic driver for Canada.

Armine Yalnizyan co-authored an article with four others including academicians from York University and Simon Fraser University, in which the Canadian federal budget, to be presented on Monday, was suggested to include a significant allocation for health and education which together account for 21% of paid employment in the country.

Citing Statistics Canada’s estimates that health and education contribute 12.3% of Canada’s gross domestic product (GDP), Armine Yalnizyan and the co-authors opined that the pandemic further brought to light the importance of spending on care as a stabiliser for the economy during business cycles.

They also noted that the care economy is crucial to emerging from the pandemic.

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