Canadians fear rise of India, ChinaDecember 12th, 2008 - 1:47 pm ICT by IANS
Toronto, Dec 12 (IANS) A majority of Canadians see the rise of Brazil, Russia, India and China (BRIC) as a potential threat to their economy, says a survey.The survey - commissioned by UPS Canada to know how Canadians viewed globalization - shows the country’s strongest regional economies are most fearful of the rise of these four nations.
However, Canadians still maintain that their country will continue to play a significant role in the global marketplace.
Canadians in the better-performing central provinces of Alberta, Saskatchewan and Manitoba are more worried about the rise of BRIC nations, with 73 per cent citing these emerging economies as a threat to their economy.
In the province of British Columbia, which is hosting the 2010 Winter Olympics, 70 per cent viewed BRIC economies as a competitive threat. But Canadians in have-not provinces touching the Atlantic were less worried, with only 53 percent expressing concern over the rise of BRIC nations.
“What we’re seeing is a split between the have and have-not provinces in terms of their level of insecurity when it comes to the BRIC nations,” said UPS president Mike Tierney.
“With Brazil giving Saskatchewan’s agriculture industry a run for its money and China’s booming manufacturing sector hurting Canadian exports, it stands to reason that those with the strongest economies and most opportunity appear to be the most fearful of the economic damage that could be caused by the emergence of the BRIC nations,” he said.
To overcome competition from BRIC nations, he said, Canadians should leverage opportunities in the global market and invest in new technologies and innovations, rather than restricting to regional trade in North America.
Tierney said, “Part of the reason the BRIC nations have seen such an exponential surge in their middle classes is the heightened use by entrepreneurs in those countries of opportunities outside of their comfort zone, and they’ve been quite successful in doing so.”
“By mimicking that spirit of ambition, Canadian businesses could stunt the inevitable intrusion into the Canadian market by these new players,” he said.