Small businesses in Canada will be glad to hear that the recession is almost offically over. At least according to Mark Carney, Governor of the Bank of Canada.
Carney said today (July 23) that the Canadian economy would see modest growth in the third quarter of 2009. The Canadian economy has been officially in recession for 9 months – quite a bit shorter than the last two recessions in 1990-92 and 1981-82.
That’s right. The recession that many thought would be a depression only lasted 9 months. Carney attributed the turn around to low interest rates, healthy house sales, government stimulus programs, and continued growth of family borrowing.
Carney also said that the Canadian economy shrunk so much during this recession that climbing all the way back would take quite a while.
Jacee 3:44 am on August 15, 2009 Permalink
i am hoping that the global economy would recover from this economic recession. life has been very hard with these massive job cuts.
michael 11:39 am on October 17, 2009 Permalink
the economic recession made a lot of workers jobless. my best friend and me lost our jobs because of job cuts. i hope that our economy would recover soon.
Jenna 1:13 am on November 2, 2009 Permalink
the Economic recession made a lot of jobless people in my own country. We could only hope that our economy becomes strong again.
Janet Reyes 2:03 am on December 8, 2009 Permalink
Our country was also hit hard by the Economic Recession. At least we are seeing some signs of economic recovery now. I hope that we could recover soon from this recession.
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