{"id":21544,"date":"2016-09-02T20:26:39","date_gmt":"2016-09-03T01:26:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21544"},"modified":"2016-09-02T20:26:39","modified_gmt":"2016-09-03T01:26:39","slug":"global-recession-the-canadian-economy-shrinks-at-the-fastest-pace-since-the-last-financial-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21544","title":{"rendered":"Global Recession? The Canadian Economy Shrinks At The Fastest Pace Since The Last Financial Crisis"},"content":{"rendered":"
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Global Recession? The Canadian Economy Shrinks At The Fastest Pace Since The Last Financial Crisis<\/a><\/h3>\n<\/div>\n
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\"Canada<\/a>Things have not been this bad for the Canadian economy since the last global recession.\u00a0 During the second quarter of 2016, Canada\u2019s GDP contracted at a 1.6 percent annualized rate.\u00a0 That was the worst number in seven years, and it was even worse than most analysts were projecting.\u00a0 This comes at a time when bad news is pouring in from all corners of the global economy.\u00a0 While things in the United States are still relatively stable for the moment, the same cannot be said for much of the rest of the planet.\u00a0 Canada in particular has been hit very hard by the collapse in oil prices, and the massive wildfire in northern Alberta\u00a0back in May<\/a>\u00a0certainly did not help things.\u00a0 The following comes from\u00a0the BBC<\/a>\u2026<\/p>\n

The recent drop in GDP was larger than analysts had projected, but not far off the predicted 1.5% loss.<\/p>\n

\u201c[The figure] could have been worse, given the hit from the wildfire, and clearly confirms the disappointing downward trend in exports over the last few months,\u201d said Sal Guatieri, senior economist at BMO Capital Markets.<\/p>\n

In May, wildfires devastated the parts of northern Alberta where much of Canada\u2019s oil and natural gas is produced.<\/p><\/blockquote>\n

For many years, high oil prices and booming exports enabled the Canadian economy to significantly outperform the U.S. economy.\u00a0 But now conditions have changed dramatically, and all of the economic bubbles up in Canada are starting to burst.\u00a0 This includes\u00a0the housing bubble<\/a>, as we have seen home sales in the hottest markets such as Vancouver drop through the floor late in the summer.\u00a0 In fact, it is being reported that home sales during the first two weeks of August in British Columbia were down a whopping\u00a051 percent<\/a>\u00a0on a year over year basis.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Global Recession? The Canadian Economy Shrinks At The Fastest Pace Since The Last Financial Crisis Things have not been this bad for the Canadian economy since the last global recession.\u00a0 During the second quarter of 2016, Canada\u2019s GDP contracted at a 1.6 percent annualized rate.\u00a0 That was the worst number in seven years, and it […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1082,14223,103,13764,181,195,3461,5983,6061,312,11745,4129,12717,4901,1264,10925,14224],"class_list":["post-21544","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alberta","tag-bad-economic-news","tag-canada","tag-canadian","tag-crisis","tag-debt","tag-debts","tag-economiccollapseblog","tag-financial","tag-financial-crisis","tag-financial-crisis-2016","tag-global-recession","tag-global-recession-2016","tag-michael-snyder","tag-recession","tag-recession-2016","tag-the-canadian-economy"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21544"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21544\/revisions"}],"predecessor-version":[{"id":21545,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21544\/revisions\/21545"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}