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Economists: conflict with China will make Canada and the world poorer
Economists are concerned that Canada and the rest of the world could suffer economic repercussions from the escalating conflict with China. This could lead to a slowdown in the economy and interfere with important discussions on important global issues. The latest disagreement between Beijing and Ottawa has turned into a tit-for-tat expulsion of diplomats, largely over Canadian domestic politics.
The recent dispute between China and Canada may seem insignificant to some experts who follow their relationship. However, this is just another sign of hostility between market democracies and the emerging alternative bloc, contributing to a far more dangerous long-term rift called “global fragmentation.” This issue was raised at a recent meeting of the International Monetary Fund in Washington, where it was stressed that this could lead to the emergence of competing trading blocs, which would make everyone poorer and hinder vital discussions about common global threats such as climate change and artificial intelligence.
There is growing concern that China’s rising economic and military power is destabilizing the status quo as it challenges the dominance of the United States and its allies. This is at the heart of the growing conflict that is affecting relations between China and Canada. The United States can no longer dictate its policy in world affairs, and its bloc has lost the ability to convince others to believe in its ideas. This causes friction, and in response to sanctions against Russia, China and India have shown that they can now upset US and European policy.