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Forums - General - Recession over in Canada!

Gilgamesh on 23 July 2009

The Bank of Canada claims that the recession is over in Canada and that growth is returning to the economy. "We believe the economy will grow this quarter," bank governor Mark Carney told a news conference, "Things are unfolding a little faster in terms of the recovery in (consumer and business) confidence and financial conditions."

http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=20839163

To be honest I didn't even realize the recession hitting Canada.



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SamuelRSmith on 23 July 2009

The UK's getting GDP figures on Friday, here's to hoping for good news. The FTSE closed at a six month high today, retailer experienced 1.2% growth in the past month, and a lot of large firms have started to post better numbers.

All of those are pointing in the right direction.



SHMUPGurus on 23 July 2009
To be honest I didn't even realize the recession hitting Canada.

Yeah, I didn't notice either. Good for the rest of us, I guess.



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izaaz101 on 23 July 2009
SHMUPGurus said:
To be honest I didn't even realize the recession hitting Canada.

Yeah, I didn't notice either. Good for the rest of us, I guess.

It hasn't affected me directly (since I'm a student hobo!), but my dad works in a hotel and it certainly has affected that sector of the travel industry. However, it should ramp up greatly, in my area at least, with the Olympics coming to town.



Domo-Kun on 23 July 2009

Yay Canadia!



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famousringo on 23 July 2009

Most of the damage in Canada is just collateral. Falling commodity prices, and closures in the industrial heartland due to the auto bankruptcies. Our fundamentals are pretty sound.

But our financial sector is in great shape. Our banks seizing this opportunity to expand their foreign operations. We even have an auto part manufacturer looking to expand beyond just being a supplier. This article strikes me as being a little premature, but it's likely that Canada will came out of this recession earlier and healthier than most economies.

Apparently, Poland is doing pretty well with the downturn, too.



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FaRmLaNd on 23 July 2009

Australia actually was never in a technical recession. We only declined in one quarter.



NJ5 on 23 July 2009

I won't comment much as I don't know Canada's situation, but things don't look as rosy after reading the article:

But Carney also issued a caution that recovery "is not a foregone conclusion," and that the economy remains dependent on massive government stimulus and his own conditional pledge to keep the policy interest rate at the historic low of 0.25 per cent until mid-2010.



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Aj_habfan on 23 July 2009
NJ5 said:
I won't comment much as I don't know Canada's situation, but things don't look as rosy after reading the article:

But Carney also issued a caution that recovery "is not a foregone conclusion," and that the economy remains dependent on massive government stimulus and his own conditional pledge to keep the policy interest rate at the historic low of 0.25 per cent until mid-2010.

I figured you would show up to rain on this parade, lol.



NJ5 on 23 July 2009
Aj_habfan said:

I figured you would show up to rain on this parade, lol.

Yeah blame me for actually reading the article and pointing out that this is just a conditional prediction with some caveats :P

 



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