The recession is over in Canada!
p2pnet news view | Off Topic:- Hooray! Hooray! The recession is over!
Here, anyway.
Who says?
The Bank of Canada.
“The recession is over, the Bank of Canada said in its quarterly Monetary Policy Report released Thursday,” says the CBC, going on »»»
After shrinking since the last quarter of 2008, the Canadian economy will grow 1.3 per cent in the current quarter, the bank said.
The return to growth after three quarters of decline signals the end of the recession, defined as two consecutive quarters of shrinkage.
Growth will accelerate through late 2009 and by the first half of 2010, the Canadian economy will be booming with along with four per cent growth. But that will begin to taper off to less than three per cent by the last half of 2011, the bank said.
However, ” ’significant upside and downside risks remain to the inflation projection,’ particularly from the volatile loonie, the bank said,” the story adds.
But wait! There never was a crash.
“Canada’s economic growth will slow down this year, but will avoid a recession, top economists at Canada’s biggest banks agreed Wednesday,” said the CBC last year.
“TD Bank chief economist Don Drummond, speaking at a forum at the Economic Club of Toronto, is forecasting GDP growth of 1.9 per cent in Canada this year, while Sherry Cooper of BMO Capital Markets is calling for 2.2 per cent —-
” —- the same as the Bank of Canada predicted in its last economic outlook in October.”
CBC – Recession over, Bank of Canada says, July 23, 2009
CBC – No recession in Canada, bank economists say, January 9, 2009
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July 23rd, 2009 at 2:58 pm
I love the way they try to use the Media as some sort of “placebo” intended to miraculously cause all the markets to start moving again. If I didn’t know where these feeble “predictions” came from, I might even say it was kind of a “noble” attempt.
But, what markets do they hope to dupe??…
Nobody’s hiring. Nobody’s spending globs of cash. Very few actually have any money left in the bank. People are giving up on things like smoking, driving, family outings, renovating, etc., because they simply can’t afford to think about them anymore. We haven’t even got the stability to prevent all kinds of losses we’re now incurring because of a city garbage strike.
These types of statements made by the Bank of Canada are nothing but an insult to the human intelligence.
We are one of maybe 2 or 3 countries remaining in the world that still own their central bank. If our government and the BoC jointly desired, they have the means to cure all our financial woes at no loss to the Bank.
I’ll leave you to ask yourself, why don’t they?
July 25th, 2009 at 9:45 pm
For me, there was no recession in Canada, or anywhere else.
October 25th, 2009 at 5:23 pm
Surprisingly the uk economy shrank a further 0.4% between July and September (the last quarter that there are figures for), so the end of the downturn is a long way off yet – another 6 months at least i reckon, its the longest recession since records began 50 years ago and it wont be till years later the economy and property market recovers, it was’nt until the late 90’s that the property market recovered after the 89/90 recession.