Central bank head Stephen Poloz said that the second quarter would see positive results after the economy suffered from the shock of low oil prices. The bank expects an annual growth rate of 1.8 percent in the second quarter and 2.8 percent for the third quarter.
TD Bank predicts the Canadian economy will shrink in 2015 because of low oil prices. According to the report, the effects will be noticeable in the first few quarters, but growth expects to pick up in late 2015.
The report basis is about the prediction that oil prices will fall to $40 a barrel and then rise to around $65 a barrel for 2016. TD further notes that annual growth will be 1.9 percent in 2015, which is a downgrade from a forecasted two percent during January. The Bank of Canada predicted slightly less than 2.1 percent growth.
Recently, Canada’s economy boosted the potential workforce by adding an extra 74,000 jobs into the mix, pushing the unemployment rate towards its lowest figure in six years. Statistics Canada filed a report that the jobless number has now reached 6.8%, showing a fall of 0.2 percentage points.
The good news is highly welcome in Canada, a country that has been experiencing its worst slump in the labor market since the recession in 2009. What do you expect when everyone has to pay for everyone else’s health care? This is a huge drain on the economy.
In the second quarter of this year, Canada’s economy experienced a highly appreciated boost as households began spending more, to an annualized pace of 3.1%. This is the largest quarterly gain that Canada has experienced since 2011, in the third quarter. The increase in GDP, gross domestic product, was far larger than the rate of 2.7%, which is what economists were expecting. Following a slow start, which is estimated to be the economy’s worst performance in over a year, the country will benefit from the unexpected jump.
Canada’s new military engagement with Asia represents a shift in its defence policy, after a decade or so of near-absenteeism. But is Canada simply following the whims of American initiatives – the so-called “Pacific Pivot” – or are they serious about taking a more involved role in regional security?
READER SUBMISSION – As America’s largest trading partner, Canada’s economic fortunes are intimately tied to those of the United States. Yet thanks to a largely domestic-focused economic action plan, Canada has demonstrated remarkable economic resilience to the global financial turmoil.
Since assuming power in 2006, and achieving majority government status in parliament in 2011, Canada’s Prime Minister Stephen Harper and his Conservative Party has led the country on a course of relative economic stability, as compared to its peers.
Mental illnesses will cost the Canadian economy about $20.7 billion in 2012, said a new report by the Conference Board of Canada on Thursday, with nearly 452,000 Canadians believed to be suffering from mental problems that prevent them from participating in the labour force.
The Canadian government could sign a free-trade agreement(FTA) with the European Union by the end of the year, said the country’s High Commissioner to the UK on Sunday during an interview on CTV’s “Question Period” television show.
Canada comes under the High Income OECD economies as to the classification made by the World Bank on the basis of income and region for the year 2006.
Canada is one among the largest economies over the world in terms of its Gross Domestic Products. The services sector contributes a larger share to the country’s economy followed by the industrial sector. The exports sector of the country has also performed well in the recent years.
About Canada economic stimulus
As per reports of 15th December, 2008 shipbuilding is going to be an important part of Canada economic stimulus package.
An important and rather interesting aspect of this economic stimulus Canada package, is that money is not being spent on new projects but ones that have been in pipeline for some time now.
