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posted by CTV
It was called the next Great Depression, then dubbed the Great Recession.
Turns out, in Canada it was more like the Average Recession, according to a paper published Thursday.
Canada`s 2008-2009 recession was “less severe and shorter” than in other G7 nations, said Philip Cross, chief economic analyst at Statistics Canada and author of its year-end review.
Between the third quarter of 2008 and the third quarter of last year, the country`s real GDP in Canada fell 3.3 per cent, compared with 3.7 per cent in the United States and bigger declines in Europe and Japan.
The recession was also shorter than elsewhere. Statscan tentatively says the recession in Canada lasted three quarters – the last quarter of 2008 and the first two quarters of last year, though those dates could be subject to revision. The downturn in other G7 countries lasted anywhere from four to, in the case of the United Kingdom, six quarters.
Read more here
It was called the next Great Depression, then dubbed the Great Recession.
Turns out, in Canada it was more like the Average Recession, according to a paper published Thursday.
Canada`s 2008-2009 recession was “less severe and shorter” than in other G7 nations, said Philip Cross, chief economic analyst at Statistics Canada and author of its year-end review.
Between the third quarter of 2008 and the third quarter of last year, the country`s real GDP in Canada fell 3.3 per cent, compared with 3.7 per cent in the United States and bigger declines in Europe and Japan.
The recession was also shorter than elsewhere. Statscan tentatively says the recession in Canada lasted three quarters – the last quarter of 2008 and the first two quarters of last year, though those dates could be subject to revision. The downturn in other G7 countries lasted anywhere from four to, in the case of the United Kingdom, six quarters.
Read more here