The global pandemic has changed Canadians’ lives
The global pandemic has changed Canadians’ lives in many ways. The isolation that continues in many parts of the country is trying even the most patient among us. There are, however some good news stories. Here’s one that has positive repercussions across the country from both business and health perspectives.
A coffee shop, in Toronto, recently reported a huge increase in customer requests for oat-milk based lattes and flat whites. The shop’s oat milk order is beginning to rival the cow’s milk order in size. The global trend toward plant-based milks has been going on for years and Canada is poised to benefit from the newest plant-based favourite. Oat milk.
Canada is one of the worlds’ top producers of oats and the 2021 export projections for the oat crop is the highest on record. Orders are rolling in from around the world and that’s great news for farmers, processing plants and Canadian firms with expertise gained from producing soy-based milks, who are all poised to benefit.
In the last week of May, the Organization for Economic Cooperation and Development (OECD) raised its December forecast for global economic output from 4.2% to 5.8%. Developed nations are thriving on stimulus, and successful vaccination programs. However, the OECD warns that the improved outlook will be uneven as some countries continue to struggle with Covid-19. The OECD’s outlook for Canada is particularly bright, with growth estimated to hit 6.1% this year and 3.8% in 2022, when the OECD expects to see the Bank of Canada raise its benchmark interest rate.
The S&P TSX climbed in May, reaching near record highs on the second to last day of trading, and moderating somewhat to end the month in a positive month-over-month position.
Impacted by the end of month holiday closures, U.S. markets, as measured by the S&P 500 and The Dow Jones Industrial Average, were flat on the month.
European markets, also impacted by end of month holiday, ended the month up 2.4% as measured by STOXX Europe 600.
Disappointing economic data from Japan and China caused Asian markets to lose ground in May.
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