Canada's recession is over?
Добавлено: 03 дек 2009, 15:57
It's official: Canada's recession is overJohn Morrissy, Financial Post Published: Monday, November 30, 2009
Read more: http://www.financialpost.com/story.html ... z0YdxSrNKE
OTTAWA - The end to the recession didn't come with a bang but with a whimper.
Nevertheless, the news Monday that the Canadian economy eked a slim gain in the last quarter made it official: The nine-month ordeal is over.The data from Statistics Canada showed the economy grew at an annual rate of 0.4 per cent in the third quarter, far lower than the one per cent growth economists had forecast and the two per cent the Bank of Canada had called for.
Yet it marked the country's emergence, at least numerically, from a period in which the financial crisis threatened the world's banking system, stock markets plunged into an abyss, and hundreds of thousands of Canadians were thrown out of work.
"The Canadian economy is erratically grinding out of recession, led by broad-based gains in domestic spending," said BMO Capital Markets economist Douglas Porter.For all the pain it brought, this recession was in fact less severe than those experienced in the early '90s and early '80s in terms of duration, the unemployment rate and the decline in economic growth.
It was the domestic economy that saved the day."Canada didn't have the credit problems that they had in the U.S. and elsewhere," said Diana Petramala, an economist at TD Economics.
"That allowed Canadian businesses and consumers to take advantage of low borrowing rates that other countries couldn't capitalize on,"she said.That availability of credit helped fuel a dramatic turnaround in the national housing market, and should help push the economy ahead as recent home buyers buy furniture and carry out home renovations, she said.
Read more: http://www.financialpost.com/story.html ... z0YdxSrNKE
OTTAWA - The end to the recession didn't come with a bang but with a whimper.
Nevertheless, the news Monday that the Canadian economy eked a slim gain in the last quarter made it official: The nine-month ordeal is over.The data from Statistics Canada showed the economy grew at an annual rate of 0.4 per cent in the third quarter, far lower than the one per cent growth economists had forecast and the two per cent the Bank of Canada had called for.
Yet it marked the country's emergence, at least numerically, from a period in which the financial crisis threatened the world's banking system, stock markets plunged into an abyss, and hundreds of thousands of Canadians were thrown out of work.
"The Canadian economy is erratically grinding out of recession, led by broad-based gains in domestic spending," said BMO Capital Markets economist Douglas Porter.For all the pain it brought, this recession was in fact less severe than those experienced in the early '90s and early '80s in terms of duration, the unemployment rate and the decline in economic growth.
It was the domestic economy that saved the day."Canada didn't have the credit problems that they had in the U.S. and elsewhere," said Diana Petramala, an economist at TD Economics.
"That allowed Canadian businesses and consumers to take advantage of low borrowing rates that other countries couldn't capitalize on,"she said.That availability of credit helped fuel a dramatic turnaround in the national housing market, and should help push the economy ahead as recent home buyers buy furniture and carry out home renovations, she said.