Canada’s recession is over, and the country is beginning what will be a long reconstruction of the wealth destroyed by the financial crisis, the central bank said Thursday.
Gross Domestic Product will expand at an annual rate of 1.3 per cent this quarter, compared with an earlier forecast for a contraction of 1 per cent between July and September, the Bank of Canada said in its latest monetary policy report.
The dramatic shift is the result of stronger financial conditions, surprisingly high consumer and business confidence and a first-half contraction that was less severe than the economic catastrophe the central bank was bracing for when it last published its views on the economy in April.
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Recession is over! Great!!!
Wait a minute, does that mean we are now in a depression??
No. Well I guess I missed the moment when things turned around. I hadn’t realized that companies had hired workers for good jobs with great pay. I missed the part about deficit spending no longer being needed and the major drop in unemployment. The whole world is better now and I completely missed the boat.
I used to think I kept up pretty well but I now realize that I know nothing. All the fundimental rules of economics I believed to be true were false. I need to quit my job, get hired by the government, stick my head where the sun don’t shine and I will live a happly life.
Might be overly optimistic. If the U.S. continues to tank, we’ll be dragged along with them. If “good jobs with great pay” means overinflated union jobs then you’ll have to wait till the liberals get back in power and print everyone some extra cash.