{"id":6938,"date":"2015-03-29T09:40:00","date_gmt":"2015-03-29T14:40:00","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6938"},"modified":"2015-03-29T09:40:00","modified_gmt":"2015-03-29T14:40:00","slug":"economists-fear-oil-price-contagion-has-hit-canadas-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6938","title":{"rendered":"Economists Fear Oil-Price \u2018Contagion’ Has Hit Canada’s Economy"},"content":{"rendered":"
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Economists Fear Oil-Price \u2018Contagion’ Has Hit Canada’s Economy<\/a><\/h3>\n<\/div>\n
    \n
  • \u2018Unbelievable\u2019 decline in oil drilling could impact banks, construction<\/strong><\/li>\n
  • Cost-cutting budgets in Alberta, Quebec will reduce economic growth<\/strong><\/li>\n
  • Analysts completely divided on where oil prices are headed now<\/strong><\/li>\n<\/ul>\n

    Following some nasty recent surprises in Canada\u2019s economic data, analysts are starting to sound more pessimistic about the country\u2019s prospects than they were even just a few weeks ago, and many are now saying Canada\u2019s economy is shrinking.<\/p>\n

    In a report issued Friday, Capital Economics said the economy \u201cfell off the cliff in January\u201d and likely shrank in the first quarter of the year, which ends next week.<\/p>\n

    \u201cThe reported declines in retail, wholesale, manufacturing and export volumes for that month were very disconcerting. It\u2019s typically never a good sign when all these key indicators fall together,\u201d it said.<\/p>\n

    The report said it\u2019s \u201calmost unbelievable\u201d how quickly oil and gas drilling \u201ccratered\u201d at the start of the year, and estimates that activity is at similar levels to where it bottomed out during the economic crisis of 2008-2009.<\/p>\n

    The report estimates Canada\u2019s economy is currently shrinking at an annualized rate of about one per cent.<\/p>\n

    \"gdp
    \nCapital Economics estimates Canada’s GDP “fell off a cliff” in January.<\/em><\/p>\n

    Other analysts are seeing signs that the oil price collapse is beginning to have a spillover effect into other parts of the economy.<\/p>\n

     <\/p>\n

     <\/p>\n

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

    Economists Fear Oil-Price \u2018Contagion’ Has Hit Canada’s Economy \u2018Unbelievable\u2019 decline in oil drilling could impact banks, construction Cost-cutting budgets in Alberta, Quebec will reduce economic growth Analysts completely divided on where oil prices are headed now Following some nasty recent surprises in Canada\u2019s economic data, analysts are starting to sound more pessimistic about the country\u2019s […]<\/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":[2,3],"tags":[103,1729,1775],"class_list":["post-6938","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-canada","tag-oil-and-gas-industry","tag-oil-price-collapse"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6938","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=6938"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6938\/revisions"}],"predecessor-version":[{"id":6939,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6938\/revisions\/6939"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}