CANADIAN IMMIGRATION NEWS

Fast Recovery Predicted for Canadian Economy

Monday, 12 January 2009

Canada will fare better than other countries due to "greater resilience" in its economy based on stronger financial institutions and higher home equity levels, say chief economists and bankers.

Although Canada's economy will grow by just 1.2% next year, it will suffer much less damage and see a stronger recovery than its American counterpart, leading Scotiabank economists and strategists predict. According to Scotiabank's 2009-10 Economic Market Outlook Report, the weakness in Canada's economy in 2009 will be only "half the setback recorded in the U.S., with a slightly stronger recovery in 2010."

As a result, the drop in housing activity will be much less severe in Canada than in the U.S. In addition, Canada’s efforts to deal with the downturn will have more traction than those of Washington.

"Unlike the ad hoc, deficit-financed U.S. initiatives that have been escalating in recent months, Canadian governments have focused on longer-term, productivity-enhancing investments," said chief economist Warren Jestin.

Jestin said Ottawa's expected stimulus spending on transportation, education and health care infrastructure will further fuel the Canadian recovery.

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