Let’s get back to some good news, shall we? Amidst all the negative environmental and economic occurences going in the world, Canada remains at the top of the list of countries who are steadily battling its way out of the damage done by the recession. While it is relatively slow and far from perfect, the rebounding of the Canadian economy is both rapid and exceptional when compared to the rest of the world.
As The Toronto Star‘s business reporter, Madhavi Archarya-Tom Yew reports today, the nation’s auto industry just happens to be among the strongest in the nation, significantly helping Canada’s bounce back from the recession. The two strongest provinces, showing financial growth, adds Archarya-Tom Yew, are Ontario and British Columbia.
According to the Conference Board of Canada, the economies of both provinces will expand by 3.8 per cent in 2010. Says Marie-Christine Bernard, associate director of provincial forecasting: “There are clear signs of economic recovery from coast to coast. The improved domestic economies of Ontario and B.C., along with increased demand from the United States, will support a strong rebound in both provinces.”
In Ontario, many labour-based jobs have been offered since last year. Manufacturers, in fact, have hired over 33,000 new employees over the past two years. In B.C., the recent Winter Olympics helped to boost the province’s economy by 0.7 per cent so far this year. In addition, significant growth in the forestry, manufacturing and construction sectors have helped with the economic boost.
Although Ontario and British Columbia are leading the way, Archarya-Tom Yew notes that other provinces are following suit. Saskatchewan is showing growth of 3.5 per cent, while Alberta’s economy is climbing at a 3.3 per cent rate. Manitoba is not that far behind as well.
Strong consumer spending in Quebec is helping that province’s financial situation while growth in the Atlantic provinces is also developing. While below the national average, the economic growth of 2.4 per cent in Newfoundland and Labrador and 1.8 per cent in New Brunswick are positive signs.
“Overall,” writes Archarya-Tom Yew, “Canada’s economy shrank by 2.6 per cent in 2009, but is expected to expand by 3.2 per cent in 2010, the conference board noted in its report, with household and government spending driving growth.”
Without question, we are all in need of more positive financial news. So thankfully, Canada continues to lead the way in showing the world how to bounce back from the global economic crisis. A steady and ongoing surge in the right direction will hopefully result in a recovery that takes place within a better-than-expected time frame. This is something that all Canadians can be very proud of.