Loading....
x
photos.com
“The boom has turned to bust.”
Sherry Cooper
The Canadian economy is likely already in recession and may remain in the doldrums for a year, an increasing number of economists now believe.
Economists at the Bank of Montreal became the latest in a growing group saying they believe the economy has already shrunk or is poised to shrink based on the deepening slump in manufacturing and reduced global demand for Canada’s commodities.
“The boom has turned to bust,” BMO chief economist Sherry Cooper wrote in a note to clients about tumbling commodity prices.
“Canada, too, is headed for recession and our government will awaken to the need for deficit spending. Our recession will be milder than in the U.S. and other countries with housing bubbles, but we should expect challenges through much of 2009.”
In a separate report, the Bank of Nova Scotia also predicted Canada’s economy would contract by 0.2 per cent in 2009.
Also yesterday, a panel of 10 Canadian economists sponsored by the C.D. Howe Institute agreed the situation is grave.
more business stories
Worm turns on second Tory, this time over airport tequila row
OTTAWA - The worm has turned on a second Conservative cabinet minister over an airport security impasse - this one fuelled by tequila.
Paralympic closing to be a sentimental farewell to world spotlight
VANCOUVER, B.C. - One eye has been on the clock and the other has been on the clouds for the producer of the closing ceremonies for the 2010 Paralympic Games.
Owner of shop involved in Montreal shooting makes court appearance
MONTREAL - The owner of the Montreal shop that was the scene of a brazen daylight shooting appeared before a judge today, accused of breaching bail conditions.
13 stranded after ice roads turned to mud rescued, says Manitoba Mounties
WINNIPEG - Muddy ice roads that stranded dozens of drivers in the wilderness and prompted 16 northern Manitoba First Nations to declare a state of emergency are proof that permanent all-season roads are needed, the province's grand chief said Friday.
Family of missing N.B. woman reject possibility she deliberately ran off
MONCTON, N.B. - The family of Donna O'Rielly is rejecting the possibility that the missing New Brunswick woman has run off.
editor's picks
In twitosphere, are the funny, famous in it for tweets, or do they also follow?
Twitter is so many things to so many people: infomercial, backyard fence, brain dump. The funny, famous, famous for the wrong reasons or simply very useful have thousands of followers, but who do THEY follow?
The clock may be ticking on CBC's '22 minutes
HALIFAX, N.S. - Is the clock ticking on "22 Minutes"?
NBC behind him, Conan O'Brien in talks with Fox
NEW YORK - The next few months could keep Conan O'Brien very busy.
Facebook users warned about email scam
Another email scam is circulating online trying to ensnare unsuspecting Facebook users into divulging all their passwords.
Thai PM objects to blood-spilling, but open to talks
BANGKOK, Thailand - Thailand's prime minister said Thursday the government was ready to hold talks with protesters, who want him to call new elections, but only if they stop throwing blood, blocking government offices and remain peaceful.
Copyright 2001-2010, Free Daily News Group Inc.