Global economy: This affects Canada too. Where its cheaper to make a product in China and import and sale at vast profits, at the expense of your own economy (less manufacturing jobs). So in Canada we lose alot of heavy manufacturing jobs. Look at Ontario, with the auto-pac in place, Ontario was a profitable province making cars and trucks. All that has dried up and its all about imports now for cars. If you want choice of car, it usually comes from some other country.
Everything is outsourced to cheaper countries, material, and even office work.
Canada is a very rich country in resources, but it gives it all away to other countries, and manufacturing big items cars is very limited. During the oil price drop of 2014, Canada couldn't give away tar sand crude because the price of oil was too low to extract. Alberta's economy tanked. Right now with the Ukraine war, finally Canada is getting off its ass and actually buying some useful equipment for the Canadian Armed Forces (Which they have been asking for for 40 years or more).
But most is not made in Canada. That cost Cdn taxpayers more money. New ships, sure the hull is made in Canada, but all the good equipment is coming from other countries, or you are paying for the intellectual rights to make that equipment in Canada.
The news states that the West's sanctions are hurting the Russian economy. Yet they are still buying natural gas from Russia. This dependence on Russian gas will effect the war in Ukraine, as winter will approach later in the year. Meanwhile the Ukrainian people are dying, because of the threat of nuclear war if NATO interferes inside of the Ukraine with something like an "no fly zone".
Money made from Canadian resources slowly slips out of Canada, through ownership of the mining companies sold to US interests when they pay out dividends every quarter. Also covid really came up short with certain supplies links/chains that were supplied by "manufactured on demand basis". With alot of companies in the past 40 years on the reduce inventory and going to a "on demand inventory", supply chains were breaking down because there was no stock held in reserve for supply chain interruptions.
We have inflation today because of this lack of supply depth. Look at the shelves in your local stores; their is no longer certain items on the shelves due to lack of inventory in the supply chains.
Ultimately for peace in Europe, there will need to be an solution about the Russian Economy with the profit being spent on the people and not the Oligarchs. But that is not all, look at all those companies that have invested in Russia. To play there, they have to play ball with the Oligarchs. So the Oligarchs wealth is not just coming from Russia, its coming from the companies investing in Russia. Coming from a closed society of the soviets, the people of Russia are still under the thumb of the people in charge (Oligarchs and Putin); not just in propaganda, but economically too.
Part of the problem is the secrecy most countries have when dealing with holding companies, hiding the names of companies or individuals that hold those companies. Look at all the superyachts that are being Arrested, after countries confirm who owns those superyachts. Most of this is done for the rich to escape their taxes in their own country. With more countries in Europe on a socialist bent agenda to make their citizens a better living etc.
The rich hide their money. Canadian loose manufacturing jobs, due to the rich to make greater profits in other cheaper producing countries; all while hiding money for tax purposes from their own country.
Prime example is the offshore Headquarters of Canadian Banks in so called "tax havens" of the Caribbean and elsewhere.
The problem is not the people in Russia, but how the rich and powerful, hide their crimes and money made through corruption and through holding companies and in tax havens. Yes there is alot more Russian money hidden throughout the world. Its not just Russian Oligarchs, it European and Western businesses and companies that hide their criminal activities and monies through corporate holding companies and tax havens.