CANADIAN IMMIGRATION NEWS

Canada to avoid recession and experience growth

Thursday, 6 November 2008

According to a recent major think-tank forecast, the Canadian economy is slowing but will keep on growing and will manage to skirt a recession.

According to a recent major think-tank forecast, the Canadian economy is slowing but will keep on growing and will manage to skirt a recession.

The prediction by the Conference Board of Canada in a relatively optimistic forecast was issued in the wake of recent separate warnings by a growing number of forecasters that Canada will in fact be pulled into a recession by the downturn in the U.S. and global economy. The forecast also came as the European Commission was throwing in the towel and declaring that the 15-nation euro-zone was likely in a technical recession.

The Conference Board sees the Canadian economy growing by 1.5 per cent next year, which is a lot more than the even the Bank of Canada now projects, but down from the 2.1 per cent the board had been forecasting. It also projects growth this year of just 0.7 per cent.

"High resource prices have bolstered Canadians' real income for six years, including 2008," said Pedro Antunes, director of national and provincial forecasts, adding that source of strength will evaporate next year.

"Still, Canada is expected to skirt a recession in 2009," he said. "Although the economy in general is slowing, it is still growing."

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