Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC Photo courtesy: www.tourismkelowna.com Photographer Brian Sprout - Picture BC

What to do about Income InEquality

by Admin 21. April 2015 12:36

Is it time to worry about the middle class and the rising gap between rich and poor? It’s not just academics anymore—even businesses like McKinsey and TD Bank are taking a hard look at income inequality and what it means for economic growth.

Firstly, it’s true that income inequality has been getting worse in most OECD countries. In Canada, the top 1% earns about 12% of all income, up from 8% in the early 1980s. In the U.S., the top 1% earns 23% of all income, up from 15% in the 1980s. What’s more troubling is that income growth for the average family has been fairly flat. After a decline in the 1990s, Canadian incomes have been rising but they’ve recovered to only just above the inflation-adjusted levels of 1988. In the U.S., they actually fell slightly. So why are wages flattening across the developed world?

The most important factor is technology. For centuries, civilization has been automating repetitive tasks—from the steam engine to robotic welders and computer software. But today, technology is accelerating and it’s pressuring the job market. A recent Oxford study estimates that 45% of jobs in the U.S. are at risk of being automated and taken over by computers by 2033.

Secondly, increased trade has massively grown the global availability of labour and capital. Thanks to falling trade barriers and advances in shipping, countries that were previously left out of global trade have seen exports and incomes flourish. The global poverty rate, which was over 25% in 2005, is falling by 1-2% every year, lifting around 70 million people annually out of destitution, mostly by bringing them into the global labour force.

Thirdly, the Internet is breaking down barriers and bringing the world to our doorstep. Retailers are competing every day with Amazon, Walmart and the best stores on earth. Manufacturers have to perform because they are up against the most innovative companies in the U.S., the least expensive products from China and new products from anywhere. There is no place to hide from global competition.

For Canada, this means that goods are better and cheaper, which raises our purchasing power—we all appreciate lower prices for clothes, food and TVs. The challenge is the adjustment required of Canadian industries. Thirty years ago, Canada’s textile industry employed tens of thousands of workers hunched over sewing machines. Today, our textile industry has become a smaller, leaner fashion industry, with highly skilled designers, highly automated factories and the bulk of the manual fabrication done in Asia. Business is far more efficient, but these trends are hard for large parts of the labour force.

Technology and trade are polarizing incomes, causing fierce competition for highly skilled knowledge workers while reducing demand for low-skilled jobs. What can we do? If we know employers will pay more for skills, then part of the response must be improved education and training. But we also have to invest more in R&D, in tax incentives and in venture capital for new innovative companies, so that the technologies to compete and win are located right here in Canada. The firms that succeed in the global economy will happily pay higher wages, hire more people and create prosperity for Canadians.

That’s why the Canadian Chamber of Commerce wants business competitiveness to be the #1 issue in the coming election. Because to create prosperity in today’s globalized economy, you have to win.

 

-Hendrik Brakel, CCC 

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6 Must Read Tips for Start-Up Businesses

by Admin 15. April 2015 11:03

Chambers are often asked for advice on how to start a business. Building your own business from the ground up is no easy task. There is no template or formula to creating a hugely successful business. There is just sheer hard work, determination and a will to succeed. Apple founder Steve Jobs once famously said “If you really look closely, most overnight successes took a long time.”

1.                Make Sure You Have Support

Starting up your own business is a difficult task and this can be made even more so if you feel that you are not being supported by the ones closest to you. How can you expect to succeed if you feel that those nearest and dearest to you do not believe in your abilities? If you’re married and/or have kids, you should also be asking your family how they feel about your working from home, as your decision will affect them both financially and psychologically. If the response is negative, spend time addressing any concerns. If you are unable to change their minds decide whether your goal is worth continuing against their wishes. This does not just end with family, asking close friends, colleagues or peers for their support can give you that added confidence.

2.              Research

In any start-up, you don’t know what you don’t know. This is especially true when you’re entering an unfamiliar industry.

Get started through research, studying the competition and talking to mentors. The first thing when thinking of establishing a new business is to take the time to do research on your market. This doesn’t have to involve substantial costs, you can find out key information by taking the time and undertaking it yourself. This will allow you to perform a SWOT analysis, assessing your competitor’s strengths, weaknesses, opportunities and threats within the marketplace. It will also give a clear picture without any further investment at this time as to the viability of your proposition.

3.              Business Plan

Numerous studies have shown that one of the major reasons new businesses fail is poor planning. If you are planning on starting up a business, you must have a business plan. This will serve as a road map to guide you, and communicate with your bank or investors what you’re doing and why they should invest in you.

It should include a mission statement, executive summary, product or service offerings, target market, marketing plan, industry and competitive analysis.

A detailed and comprehensive business plan should ideally be able to answer the following questions;

·         What primary product(s) or service(s) will you provide?

·         What will you charge for your products(s) or services(s)?

·         What does it cost you to deliver this product or service?

·         How many pieces must you sell or how many clients must you secure to generate the revenue you desire?

·         Who is the target market for your product(s) or service(s)?

·         Why will they buy from you?

·         How exactly will you reach your target market to sell to them?

·         How will you get going right now with your currently available resources? What do you absolutely need that you’ll need help with?

·         What could stand in your way of generating sales—and how will you overcome such obstacles?

·         What benchmarks must you reach to qualify your business as a success?

4.              Find the Right Funding

Potential sources of funding include a small-business loan from your local bank, tapping into your savings, money from other investments, borrowing from family/friends and, as a last resort, credit cards. Ideally, this investment will help you break even after a year, but keep in mind that even successful businesses can remain in debt for the first few years. The best way to start a business is to start out small and dip your toe in, so to speak. The advantages to testing your market will ensure you do not end up in a hole, with nothing to show. There are a lot of successful businesses, which have started out with a very minimal investment a great product and a great business strategy.

The amount of avenues in which you can obtain capital is large and research can help you uncover them.

5.              Learn Why Others Have Failed

People naturally want to emulate success by analyzing successful business models, but it’s more important to learn from companies that have failed. You can learn from success stories but that same is true of failures. Learning from others mistakes significantly decreases your chances of following the same path. Former US Secretary of State Colin Powell once said “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”

There can be thousands of factors that contribute to business success, but when a business fails, it’s often easy to pinpoint the reasons. You must avoid making these mistakes yourself.

6.              Getting Your Name Out There – Networking

There is usually a local or national trade show expo or conference in every industry, where the “who’s who” all gathers in one place. Your local chamber may even host a business expo. Attend these events. You’ll have the chance to learn the lay of the land, meet hundreds of people in person and learn about what’s new in your industry. It’s also a great place to form new partnerships. Bring lots of business cards!

The moment your business strategy has evolved, start attending networking events. Becoming a member of your local chamber will probably give you access to a whole host of networking events throughout the year. If not, reach out on social media for ways to grow your network.

 

Brian Cleary is the Chief Executive of Clonmel Chamber of Commerce, one of the largest business services organizations in Ireland. He’s also the past director of Chambers Ireland. He writes for a number of online publications and is a regular co-presenter of the 'Small Business Show' a syndicated radio program broadcast on a number of stations throughout Ireland and available as a podcast.

 

 

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Canada's Oil Sands: The Truth Unveiled

by Admin 10. April 2015 09:50

As a recognized business leader in Kelowna, I was invited to participate in a Canadian Chamber of Commerce Energy Tour that provided an in-depth opportunity to hear from a good cross section of energy companies and actually go on mine sites in Fort McMurray.

 

My perceptions on the opportunity, constraints and threats to this economic behemoth as it relates to our local community and to Canada are as follows;

 

I agree with the views of the Canadian Manufacturers and Exporters Association. Rather than being seen as a negative force, the oil sands or other major natural resource developments (including mining, forestry and energy) Canadians must view these projects as generational opportunities for economic growth. We must leverage and harness their development to maximize economic opportunity today and for future generations.

 

The twelve companies I met on my trip had something in common beyond oil sands, the staff demonstrated pride in the work they do and are professionals in their field, most career oil production people. The commitment to working under the strictest federal government regulations and their passion for improving environmental conditions was evident and credible.


Between 1990 and 2012, GHG emissions associated with every barrel of oil sands crude produced were reduced by 28%. Today, Canada's oil sands only account for 0.13% of the entire world's GHG emissions.

 

I saw evidence of environmental collaboration, as oil sands companies have formed OSIA,Canada's Oil Sands Innovation Alliance. Through COSIA, participating companies capture, develop and share the most innovative approaches and best thinking to improve environmental performance in the oil sands, focusing on four Environmental Priority Areas (EPAs) - tailings, water, land and greenhouse gases. There is collaboration and transparent exchange that is reducing environmental impacts and costs of production. Both are positives to us as consumers.

 

Petroleum exporters are also making great strides in reducing their environmental footprint.

 

It was clear to me personally, that for transporting oil safely for long distances, pipelines are unmatched in their safety performances.  In fact I feel very strongly that Canada needs to export oil products to Asia markets. I would much rather have Canada extracting and shipping oil with our strict regulatory conditions than, Asia purchasing from countries with less than stellar safety records or government instability. We all use products derived from oil every day, from plastic cellular cases, to computers and tires for our bikes or shoes on our feet. Let's get real, the world needs oil to make products and move the products to stores and homes.

 

Apparently, Canada's role as a responsible innovator in commodity production is matched by the resources sector's ability to pay good wages. Mining, oil and gas extraction wages flow back to every province as do the workers that call B.C. home. Resource jobs produced up to 15 times more value for Canada's economy than the average job. Recent talk of raising minimum wages would be moot points if people searching for real raises identified fields that create the most value, and then search out the training needed.

 

Manufacturers play a critical role in this development. In 2010, B.C. manufacturers sold over $6 billion worth of high tech products and services into the development and operation of Alberta's oil sands. It is a large and growing portion of sales for many sectors and many companies - especially those manufacturing machinery and equipment, steel and steel products, and construction equipment. And these opportunities are being felt right across the country in every province and region including here in the Okanagan.

 

 

Canadian manufacturers can focus their attention on how can continue to grow their sales into the oil sands and capture more of these opportunities.

 

As a first step, Canada's manufacturers must understand the specific opportunities that oil sands development offers them. Second, governments, oil sands producers and manufacturers must work much more closely together to improve domestic supply chains and to make them more efficient.

 

Perhaps most importantly, we must all work together to ensure that Canadians fully understand and appreciate the economic importance of natural resource development, and specifically Alberta's oil sands, to ensure their development continues responsibility and is not unnecessary restricted.

Canada's forest product producers are also constantly adapting to service the world's marketplace.

As the Forest Products Association of Canada said recently, business as usual is no longer an option. The industry employs more than 235,000 Canadians and plans to renew its workforce by 2020. It's also one of Canada's most innovative and sustainable sectors. This sector too is demonstrating environmental responsibility. In fact, a recent report found Canada has only a .2% deforestation rate while also leading the world in forest product exports.

 

I urge you to consider this. Ensure that your opinions are based on today's facts. Today's oil sands do not resemble the first mining foray.Today's natural resource industries, are responsible, transparent, motivated to reduce emissions and lower environmental impacts. They are also critical to our economic future. I stand behind the technology and the knowledge that leads Canadian resource development.

 

-Caroline Grover, CEO, Kelowna Chamber of Commerce


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The secret to a successful AGM

by Admin 8. April 2015 15:07

Annual General Meeting. Just the sound of it can induce an unitentional mid-day nap. Yet, it is an imperitive event for most non-profit organizations. This is when the organization must present to its stakeholders and members the past year's audited financial statements, vote for any bylaw changes and zzzzzzzzzzzzzzzzzzzz. 

The main challenge with holding an AGM is that you have to actually have people attend. If quorum isn't achieved- AKA if a specific number of members don't show up, then it doesn't count... and you have to try again.

How could we be sure people were going to come? We needed to convince them...

This Year's AGM helod on April 8th, we had the best bait yet... we had W. Brett Wilson. The beloved, bearded business mogul who has stakes in Kelowna and was everyone's favourite Dragon's Den dealmaker agreed to speak to our members. With a resume like his, it's no wonder his fee alone is $25,000! Wait, back up... we paid what?!  Note:This year's financials to be presented at the 2016 AGM. Be in attendance to find out. Wink  

Our AGM really was more than financial statements.. it was an opportunity for the Outgoing President to highlight our accomplishments of the year, recognize our amazing volunteers & membership, and introduce the Incoming President & Board members. 

If you missed it, here is a recap: 

Awards:

Director of the Year: Gladys Fraser

Ambassador of the Year: Shawna McCrea

Volunteer of the Year: Patricia Livingstone

Outgoing Directors:

Peter Angle

Sherri Chapman

Outgoing President:

Curtis Darmohray 

Incoming President:

Ken Carmichael

Incoming Directors:

Una Gabie

Al Hildebrandt

Stuart Grant

Angela Nagy 

And of course a keynote by W. Brett Wilson that garnered a standing ovation. For pictures of the event visit our Facebook page or for more info on our Board of Directors, please visit our Board of Directors Webpage.

-KCC Contributor 

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#Winning in fight against invasive mussels

by Admin 31. March 2015 13:48

The Province is expanding its fight against invasive mussels with a $1.3-million boost toward early detection and rapid response. 

Although these invasive species have never been detected in British Columbia, this program expansion increases protection of B.C.'s lakes and rivers against the threat of quagga and zebra mussels.


The Kelowna Chamber of Commerce has been at the forefront at the federal and provincial level calling for this type of action to prevent an economic and ecological crisis of our lakes

 

"The Chamber supports the efforts of the Okanagan Water Basin Board in increasing public and governments awareness of the serious threat this has to BC and the Okanagan." States Ken Carmichael, President of the Kelowna Chamber of Commerce.

 

"This is another step in our government's ongoing efforts to prevent invasive mussels from becoming established in B.C.," says Minister of Forests, Lands and Natural Resources and Kelowna-Mission MLA Steve Thomson. "I encourage all recreational boaters to familiarize themselves with the 'Clean, Drain, Dry' program so they can also do their part."

A shopping cart pulled from an infested lake

 

The strengthened invasive mussel defence program begins operations in April for the 2015 boating season and consists of:

  • Three mobile decontamination units.
  • Six trained auxiliary conservation officers.
  • Highway signage throughout the province.
  • Expanded monitoring for zebra and quagga mussels.
  • Report All Poachers or Polluters response line coverage.
  • Increasing "Clean, Drain, Dry" education and outreach activities.

Through this program, teams will inspect and, if necessary, decontaminate boats entering B.C. from Alberta. They also will respond to boats from the U.S. identified as a concern by the Canadian Border Services Agency, as well as U.S. partner agencies. Each crew will be equipped with mobile self-contained decontamination units.

The teams will consist of trained auxiliary conservation officers coming from university compliance training programs offered by Vancouver Island University, providing valuable experience for students and recent graduates.

Twenty-four new highway signs featuring the Clean, Drain, Dry program are also being installed at significant entry points into the province.

 

Aquatic invasive species, such as zebra and quagga mussels, pose a significant threat to B.C.'s and Canada's freshwater ecosystems. These mussels threaten native species and fisheries in lakes and rivers. They clog water intake pipes, leading to increased maintenance costs for hydroelectric, domestic water, industrial, agricultural and recreational facilities.


Provincial legislation already in place empowers the program expansion. The Report All Poachers and Polluters (RAPP) line is expanding to receive and co-ordinate reports of mussel threats or incidents. The Province continues to develop and implement a perimeter defence plan for zebra and quagga mussels with neighbouring jurisdictions, keeping Washington, Oregon, Idaho, Montana, British Columba, Alberta and Saskatchewan free from these invasive species through a coordinated effort. 
 
-KCC Contributor 

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Is Canada Headed for Recession?

by Admin 24. March 2015 11:56

Since the Bank of Canada lowered interest rates as “insurance” against the risk of a sharper downturn, many have been asking: How long will it take for the fall in oil prices to impact the broader economy and how severe will the slowdown be? What will it mean for Canadian business?

Canada’s fourth-quarter GDP growth came in at a brisk 2.4%, which looks pretty good, but when we examine where the growth came from, there is cause for concern. Household consumption was OK, but exports and business investment both declined. Instead, you can see in the adjacent graph that the biggest contributor, accounting for three quarters of the rise in GDP is inventories.

A sharp rise in inventory can be caused by businesses stocking up in anticipation of stronger sales in the future or, alternatively, if a sharp deterioration in demand leaves unwanted stock. What’s the likelihood that business was stocking up in anticipation of a bonanza at the end of 2014? Not very good. Instead, we’ve heard anecdotally that companies in the oil patch were hit with a particularly sharp drop in sales, and the concerns are broad-based with the auto sector accounting for a big part of rising inventories.

There are three reasons we’re expecting a significant slowdown in Canada. Firstly, the big declines in capital expenditure have not yet been seen in the broader economy. Remember that oil prices remained above $75 until the middle of November and only fell into the $50 range in December. There were many announcements of cutbacks at the end of 2014 but these will not be seen in operations on the ground until the first half of 2015, a point confirmed by many service providers in the energy industry.

Secondly, consumption looks soft as retail sales fell by 1.7% in January, signs that consumers are staying home. Also, that big boost from inventories will reverse and become negative in the quarters ahead as the closures of Target, Mexx, Jacob and Sony subtract billions from the inventory tally this year.

Thirdly, it is true that many manufacturing industries are seeing a boost in sales from the weaker loonie and a stronger U.S. economy. Canada’s auto sector and aerospace industry exports have been particularly stellar. However, oil and gas accounts for 24% of Canadian exports, and those prices have fallen by half. It will take a long time before manufacturing can compensate for a 12% hit to Canadian exports.

Canada’s domestic economy has a hit a soft patch, so we should be braced for bad news in the first half of 2015. Overall GDP growth should come in around 1.8% this year, and Canadian businesses will have to focus more than ever on exports if they want to maintain the strong growth rates we’ve seen. In the meantime, it looks like we may need that insurance.

 
-Hendrik Brakel, Canadian Chamber of Commerce 

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Philanthropy + Entrepreneurship = "Dragon Emeritus" W. Brett Wilson

by Admin 17. March 2015 10:46
"Yes, he'll do it".
Those four words were music to our ears coming through the phone from W. Brett Wilson's publicist a few short weeks ago. Kelowna Chamber Staffer, Stephanie, had been diligently persuing him since she sat in a lecture by the mogul himself at Okangan College in January. 
  Brett is best known for his 3 seasons as a "Dragon" on CBC's hit tv show, Dragon's Den, however he's certainly been making a name around town for himself since buying Global Fitness, and more recently the development of PraireWest Centre, home of the new FABRICLAND.
We are thrilled to have him as our guest speaker immediately following our Annual General Meeting. Brett will bring stories from behind the scenes during his celebrated time on CBC's Dragons' Den, discuss the importance of planting the seeds of 
entrepreneurship in Canada, as well as share the three pillars to success we should all start to study today!   
Don't miss opportunity to hear from and meet one of Canada's most successful business people. 

When: Wednesday, April 8th, 2015 
 
Where: Manteo Resort ,  3762 Lakeshore Rd, Kelowna 
 
Time: 11:00 am-1:30 pm 
  • 11-11:30 - Check-In
  • 11:30-12:00 - KCC 2015 AGM (no charge to attend)
  • 12:00-1:30 - 3 Course Luncheon & Brett's Presentation
  • 1:30- Meet & Greet
Ticket Prices:  $55  or $40 for Kelowna Chamber members
(Tickets must be purchased in advance).  

Register:  http://bit.ly/19wrJSd

Purchase Deadline:  Tickets must be purchased before 4 pm on Apr.1, 2015. 

Tickets not claimed within 5 minutes of posted program starting time, can be resold.

Cancellation Policy: Cancellations must be received 3 business days prior to the event -- no refunds after that. 

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Welcome A-Board!

by Admin 10. March 2015 07:43

The Kelowna Chamber 2015/16 Term is just underway. There were 6 director's seats up for grabs, and after we had 11 candidates apply for the positions, we posted their answers to our questions online and went to a vote. The election remained open for 2 weeks and we collected about 300 votes. It was a very close race! The final results saw directors with equal amount of votes as well as some 1, 2 and 3 apart. With the calibur of candidates we had, it is no wonder:

 

Candidates
Brian Bonsma*; Speedpro Signs
Tom Dyas*; TD Benefit Solutions
Una Gabie, Touchstone Law Group LLP
Dustin Serviss, Serviss Wealth Management
Brad Field, PRE Labs
Alexandra Babbel, Opera Kelowna
Angela Nagy, GreenStep Solutions Inc.
Sonja Riediger, Honka Homes
Angela McManus, The Vibrant Vine
Al Hildebrandt, QHR Technologies Inc.
Stuart Grant, MNP LLP

 

  *Incumbent

 

We are pleased to welcome back our incumbents Brian Bonsma & Tom Dyas for another term, as well as the following new directors: 

  • Una Gabie (Touchstone Law)
  • Stuart Grant (MNP LLP)
  • Angela Nagy (Greenstep Solutions)
  • Al Hildebrandt (QHR Technologies)
    New Directors being sworn in

They were elected alongside incumbents  and will round out the Board of 14 members. Ken Carmichael will lead as President and all will be sworn in later this month. We are thrilled that so many were interested in joining our organization and look forward to the diversity these individuals will bring to the table.

-KCC Contributor 

 

 

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Calling Professionals & Students

by Admin 3. March 2015 08:11

Finding a job (or reliable employees) can be tough, let’s face it. The good news? It doesn’t have to be.

With our program Launch Students into Business having already taken off several months ago, the New Year promises to connect over 25 students with industry professionals in their field, building meaningful relationships and valuable connections for Kelowna’s up-and-coming young professionals. 

With this network of connections and their enhanced skill sets, we aim to provide these 3rd&4th year students with the resources needed to plug themselves into the community, enabling them to start their careers with confidence and ease.

 So, this is a call to action. A call for those who want to better themselves, or their organizations. We’re looking to take on more students and connectors and are looking for individuals interested in teaching workshops with us to further the students’ skill sets.

For professionals, this is your chance to meet some of these soon to be grads first hand. To give them that helping hand you would have appreciated starting out, and to get your business in front of them, in an otherwise crowded market.

Students – this is an opportunity for you to meet the people who will help you build your future. Why not get your foot in the door?

We are after all types of backgrounds: business, trades, arts, you name it. As BC’s 2nd largest chamber, we have the member base to support all varieties of backgrounds and are eager to do so.

To learn more or to get involved in the program, please contact Stephanie at stephanie@kelownachamer.org or call 250-469-7357. 

 

-KCC Contributor 

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Is this the end of the Commodity Supercycle?

by Admin 26. February 2015 14:06

These are tough times for commodities. Oil is grabbing all the headlines, with prices plunging 50% since June of last year. But agriculture prices are also soft, especially corn, which is down 53%. Metal prices have been weak for a while, particularly iron ore and copper, which are 40% lower than where they were two years ago. So is this the end of the commodity supercycle? And, what does that mean for business? A commodity supercycle is a period of unusually strong industrial and urban development, where demand for natural resources outstrips supply, sustaining decades of high prices. Think of post World War II or the industrialization of the United States. There is strong evidence that we’ve been riding a commodity supercycle. From the late 1990s to 2008, almost all commodities were experiencing real price growth rates exceeding 10% per year. Oil prices rose 1,062%, copper prices soared by 487% and corn prices were up 240%1. The real price of food increased almost 80% to reach the highest levels in history. Commodity prices crashed during the great recession of 2009 but they recovered quickly and kept on climbing. Why the soaring demand for commodities? During this time period, there was an explosion in the size of the middle class. According to the World Bank, the emerging market middle class (people earning between $2 and $13 per day) rose from 894 million in 1992 to 2.06 billion in 2005. It’s an incredible story: more people were lifted out of poverty than at any time in human history. And the first things people want when they join the middle class are pretty simple: better food, a nice home with a refrigerator and maybe even a vehicle. Look at the adjacent graph of car sales in China. Quite amazing, but if we graphed car sales in Indonesia, refrigerators in South Africa or home construction in India, the graphs would all look similar. All this requires enormous natural resources. For decades, producers of energy, metals and agriculture struggled because they could barely keep up with demand. Then in 2013, with record resource production, demand growth suddenly began to slow and commodity prices fell. So is the party over? Emerging markets have slowed, but we have to look at long-term prospects. The IMF is forecasting that emerging Asia will average 6.5% growth through 2020; Latin America and Africa will grow at 3.2% and 6% respectively. The OECD is forecasting that the global middle class will increase from 1.8 billion in 2009 to 3.2 billion in 2020. That’s a lot of new consumers and a lot of commodities needed as people get wealthier. So the commodity supercycle is not over, but when demand depends so much on emerging market strength, we have to anticipate volatility. Prices will recover but not to the lofty heights of 2007. This is good news for Canada because we have some of the most efficient natural resource producers in the world. Visit Powerofcanada.ca for more information.

 

-Hendrick Brakel, CCC 

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