Posted on 04/25/2009 4:06:57 AM PDT by TigerLikesRooster
Canadian economy taking a fast fall REPORT: Bank of Canada says decline steepest in 50 years
Posted By JULIAN BELTRAME, THE CANADIAN PRESS
Posted 22 hours ago
The Canadian economy took a shocking fall during the first quarter, dropping at the steepest pace in at least 50 years to what the Bank of Canada says might be the bottom.
The central bank said Thursday it does not plan any immediate action but is watching for further trouble and considering dramatic new interventions into stressed financial markets.
Gross domestic product fell an estimated 7.3% -- the biggest contraction since comparable records began being kept in 1961. And for the year, Canada will actually outdo the United States in the race to the bottom with a 3% slump.
The central bank said another shock would spur it to move in a new direction, now that it has fired the last of its traditional monetary policy bullets by dropping the overnight target interest rate to 0.25%, the lowest level practical and committing to keep it there for a year.
(Excerpt) Read more at sudburystar.com ...
Ping!
Overall, I think they’ll come out of this okay. They have resources that China will need.
"When America catches cold, the rest of the world gets pneumonia."
"When America comes down with Ebola, the rest of the world _____"
ping
“Gross domestic product fell an estimated 7.3%”
The socialists rant about the failures of capitalism, but their record is far worse.
85% of Canada’s exports go to the US. An economic downturn in the US means less consumerism, which hurts Canada severely because it is so dependent on the US market.
Come to think of it, so could we.
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