World Economy

Global Economic Chaos Could Spread to Canada

Global Economic Chaos Could Spread to CanadaGlobal Economic Chaos Could Spread to Canada

Canada’s latest job creation numbers out at the end of last week were astounding. The most recent figures for the country’s economic growth, at an annual rate of 2.6%, were better than almost anyone expected. But while both US and Canadian economic indicators climb to new heights, there are growing warning signs that neither will be able to escape a gathering storm that is affecting so many other parts of the world, CBC reported. Just as Canada’s stunning employment figures were being released Friday, the latest victim of political and economic chaos, Turkey, was suffering a new economic disaster. In Canada, the unemployment rate fell back to its recent low of 5.8%. In normal times you would expect such an economic signal would drive the loonie higher. Instead, a few hours after the jobs results the Canadian dollar was down nearly half a cent. “The loonie failed to gain momentum from that economic indicator release given the current geopolitical climate,” Alfonso Esparza, an analyst at the currency-trading company OANDA, said in an email.



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