Canada’s recovery will be slower than its G7 counterparts’ says a new report
The Bank of Canada says we’re out of the recession and politicians have taken to bragging about how some sectors of the Canadian economy (like banking) have resisted the downturn better than those in most other countries. But a new report by the Organization for Economic Co-operation and Development says Canada shouldn’t be celebrating just yet. According to the OECD, Canada’s recovery will lag behind that of its G7 partners. In fact, the OECD predicts the Canadian economy will shrink an annualized 2 per cent this quarter and won’t see growth until the final quarter of this year. Meanwhile, the U.S., Japan, Germany and France will all see positive growth this quarter, while Italy and Britain will see a decline, though not as sharp as Canada’s.