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Posts Tagged ‘Canada

(ECONOMY) READ: Recession over, Bank of Canada says…

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www.cbc.ca_Bank of Canada governor Mark Carney said Canada is on track for an economic recovery._mark-carney-cbc090423Source: CBCnews.ca

The recession is over, the Bank of Canada said in its quarterly Monetary Policy Report released Thursday.

After shrinking since the last quarter of 2008, the Canadian economy will grow by an annualized rate of 1.3 per cent in the current quarter, the bank said.

Bank of Canada governor Mark Carney said Canada is on track for an economic recovery.Bank of Canada governor Mark Carney said Canada is on track for an economic recovery. (CBC)“We are on track for the recovery both in Canada and globally,” Bank of Canada governor Mark Carney told reporters.

However, unemployment will continue to rise, he said.

For many Canadians, “it’s not a recovery until they start getting their jobs back. And on that score, we could still be in for a long wait,” Avery Shenfeld, CIBC economist, said in a report published Thursday.

“Don’t break out the champagne yet,” said Patricia Croft, chief economist of RBC Global Asset Management.

The return to growth after three quarters of decline signals the end of the recession, defined as two consecutive quarters of shrinkage.

Growth will accelerate through late 2009 and by the first half of 2010, the Canadian economy will be booming along with four per cent growth. But that will begin to taper off to less than three per cent by the last half of 2011, the bank said. READ MORE

Written by dnnnewshound

September 4, 2009 at 2:20 pm

Posted in Economy

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READ: US-Canada Border Crossings Plummet…

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canadian and american flagSource: Newser.com

(Newser Summary) – Fewer Americans visited Canada last month than at any time since record-keeping began in 1972, as new passport controls and a weak US dollar kept tourists away. One-day car trips dropped 26% from May to June, and US tourists in Canada fell to half their number 5 years ago. The dramatic drop has dealt a blow to the tourism industry on both sides of the border, reports the Globe and Mail. Only 30% of Americans have a passport, which is now required for driving north of the border.

Canadian business owners say American cars are now much less prevalent on their side of the border. One motel owner in British Columbia used to do 60% of her business with Americans, but that figure has dropped to 10% this summer. “It used to be normal to see American license plates,” she said. “But now I see one and I think, ‘Oh look, it’s an American'”

Jason Farago

Written by dnnnewshound

August 20, 2009 at 9:51 am

Posted in Borders

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