Messing with India proved costly, Justin Trudeau's Canada bankrupt - Newztezz Online

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Wednesday, March 20, 2024

Messing with India proved costly, Justin Trudeau's Canada bankrupt

Perhaps even Canada itself would not have realized that messing with India would cost Canada so much. Canada is now bankrupt due to the dispute with India. In fact, in the month of January alone, more than 800 companies have applied for bankruptcy. Now clouds of recession are looming in Canada too.

The mess with India cost Canada so much that it has now gone bankrupt. The situation is such that now recession crisis is looming in Canada also. Many big countries of the world including Britain are currently in the grip of recession. Even Japan, the country with the fourth largest economy in the world, could not escape this. At the same time, now clouds of recession are looming in Canada also. We are saying this because according to a report, the number of companies applying for bankruptcy in Canada has increased rapidly. In the month of January alone, more than 800 companies have applied for bankruptcy.

Earlier last year, there was an increase of about 40 percent in bankruptcy filings in the country. The number of companies currently applying for bankruptcy is the highest in 13 years. Let us explain why this is happening.

Why is this happening?

In fact, during the Corona period, companies were given an interest-free loan of $45,000, the deadline for repayment of which ended in January. Small companies account for about 33 percent of Canada's GDP. According to Canadian government figures, the country's economy remains strong. But small companies and many consumers are facing problems. A decline in two consecutive quarters is called recession. Looked at this way, Canada has currently been saved from being hit by a recession. But the way 800 companies applied for bankruptcy one after the other in January, the fear of recession has once again started raising its head.

Messing with India proved costly

Canadian President Justin Trudeau had messed with India last year. Trudeau had held India responsible for the killing of Khalistani terrorist Hardeep Singh Nijjar, after which the tension between the two countries had increased significantly. Both countries had expelled each other's top diplomats. India had also decided to cancel the Canada visa till further orders, informing Canada about its actions.

These countries are in the grip of recession

At present, eight countries of the world including Britain are stuck in recession. Apart from Britain, these include Denmark, Estonia, Finland, Luxembourg, Moldova, Peru and Ireland. Interestingly, six of these countries are from Europe. There is no country from Africa and North America in this list. Japan has narrowly escaped recession. Many other countries are also at risk of recession. Germany is also included in these. This largest economy of Europe is struggling on many fronts. The situation in China is also continuously getting worse. America's debt is also continuously increasing and it has reached more than 125 percent of the GDP.

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