Canada Slips Into Recession
World Economy

Canada Slips Into Recession

Government data has confirmed that Canada officially fell into recession in the first half of this year.
Prime Minister Stephen Harper is doing his best to avoid using the term ahead of a general election next month, DW reported.
Statistics show the country’s economy declined by 0.5% in the second quarter, after having already declined by 0.8% in the previous three months.
The figures are Canada’s weakest results since the 2008 global financial crisis, throwing the country into recession for the second time in six years.
The government statistics agency listed a number of reasons for the decline, with lower business investment being highlighted as the main culprit, along with falling outlays in the following: machinery and equipment, communications and audio and video equipment, furniture, fixtures and prefabricated structures, and intellectual property products.

 Harper’s Dismal Failure
The grim statistics come at a less than convenient time for Harper, who is campaigning in the hopes of winning a third term in office. Canada’s general election is on October 19.
The prime minister’s opposition has described his economic policies as a dismal failure.
“Today it has been officially recognized what Canadians have known for a long time, that there is a need for investment,” Liberal opposition leader Justin Trudeau said.
Harper, however, blames falling oil prices for Canada’s economic downturn. As the world’s fifth-largest oil producer, Canada has been hit hard by a plunge in world oil prices, which have dropped from more than $100 (€68) to around $52 within a year.
Following publication of the statistics on Tuesday, Harper avoided using the term “recession” at all costs, adding that Canada had a “few weak months.”
“I think it’s more important to describe the reality of the situation rather than to have labels,” he said.
Highlighting growth in June, Harper said the Canadian economy was bouncing back. It is, however, the only G7 nation in economic retreat.
Canada avoided the worst of 2008 global financial crisis, faring much better than most other affected nations, including the US.


Short URL : https://goo.gl/Kls8El
  1. https://goo.gl/N7F3cG
  • https://goo.gl/reoeqY
  • https://goo.gl/6eGFEP
  • https://goo.gl/kyOWXS
  • https://goo.gl/DbUijN

You can also read ...

Poland to Maintain Solid Growth
Polish economy’s all significant macro fundamentals appear...
Zimbabwe is in arrears of nearly $1.8 billion  to the World Bank and ADB .
The International Monetary Fund Thursday said it was ready to...
While the tariff conflict may still be in its infancy,  global trade growth rate has almost halved.
The global economy will continue to expand strongly in the...
King Khaled International Airport
Saudi Aramco may have grabbed the biggest headlines, but the...
Imran Khan Says Economic Revival a Priority
Pakistan Prime Minister Imran Khan on Thursday said that the...
Wells Fargo Will Cut Workforce
Wells Fargo & Co said on Thursday it would reduce its...
Global Stocks Hit 6-Month High
World shares hit their highest levels in more than six months...
Premier Li Keqiang has  voiced confidence in China’s ability to overcome obstacles.
Chinese officials are shrugging off warnings that the trade...