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Canadian Economy Crisis Issues - Essay Example

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The essay "Canadian Economy Crisis Issues" focuses on the state of development of the Canadian economy during the current economic and financial recession. The world economy is currently in a crisis that is reminiscent of the Great Depression of 1929. Economic instability is felt throughout the developed world…
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Download file to see previous pages On July 23rd, 2009, the Bank of Canada released its quarterly Monetary Policy Report and enthusiastically announced that the recession that had afflicted Canadian businesses and the Canadian economy since the start of the global credit crisis was “over”. Showing that Canadian economic growth was slated to be 1.3% in the current fiscal quarter, the days of a shrinking economy were described as a thing of the past. While unemployment continued to rise, Canadian growth was projected to be positive after three quarters of economic decline, and Mark Carney, Bank of Canada governor, announced to reporters that “We are on track for the recovery both in Canada and globally". Speculation that growth will continue through 2009 and 2010, leading to a striking gross national product growth rate of 4% by the middle of 2010, enthusiasm was the result of this mid-summer announcement. Optimistic forecasts by the Bank of Canada have assured the electorate of a 3+ growth rate by 2010; this is ahead of forecasts by the International Monetary Fund and some of the major banks in Canada including ScotiaBank, Royal Bank and the CIBC. What accounts for the positive announcement and the fact that the Canadian economy is expected to get out of the red and show positive growth for the first time in four quarters? (CBC, 2009).
According to the Bank of Canada Governor, "stimulative monetary and fiscal policies, improved financial conditions, firmer commodity prices, and a rebound in business and consumer confidence are spurring domestic demand growth" (CBC, 2009).  Many factors can account for this positive announcement and they include macroeconomic policies implemented by both the Federal Government in Ottawa and the Bank of Canada in harnessing the economic potential of this country. ...Download file to see next pagesRead More
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