Quote:
Originally Posted by Bernard Dawson
It's interesting that Canada is now out of recession. Confidence would seem to be returning slowly in America as well
Although the British economy would seem to be lagging behind, there are however now several economist in this country predicting growth in the first quarter of 2010.
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I suppose it all depends on how one defines "recession". In Canada, it is two quarters of "negative growth" (I think we all know what this means, but it is a stupid way of putting it) ... if the following quarter promises growth, then the recession is over. Our advantage is, of course, our immense amount of natural resources; however, as we did participate in the bailout of GM, (20% of GM vehicles are made in Canada) we now own a fair chunk of the US automobile industry .... the govt. of Canada and the govt. of Ontario put up 20% of the bailout money ... however, unemployment is going to remain high for a while (it's always the worker who gets screwed). Maybe, if your PM holds on till the bitter end, he can claim credit for the recovery which I sincerely hope will happen in the UK. The Bank of Canada, a consrvative institution, not given to being over optimistic, seems really upbeat about our recovery. In my home town we haven't really been affected by the recession at all.