For the past few months, the Synergy Merchant Services Blog has kept on top of news about the global recession with specific attention of how it has affected Canadians here at home. Both businesses and consumers alike have had to tighten their spending habits in an effort to survive the nation's economic downturn. Some have managed better than others.
Yesterday, it was reported that a study found Quebec to be the province that is home to parents who will be spending the most money on their children's back-to-school needs this month. Today, it appears as if there is evidence as to why citizens of Quebec are seemingly able to spend more than the rest of their Canadian counterparts.
According to Andy Blatchford of The Associated Press: “A new report says Quebec is despite its economic challenges emerging from the global recession in better shape than other big provinces like Ontario, Alberta and British Columbia.”
Blatchford writes that TD Bank Financial Group has concluded that there are a number of reasons why the province of Quebec has been able to battle through the recession better than any other province in Canada. The report indicates that Quebec's stable housing market is one of the top factors for its stability while experiencing Canada's financial crisis.
In addition, Quebec's ability to rely more on strong goods-producing industries such as aerospace and pharmaceuticals in lieu of the struggling automotive sector has helped for the province's steady performance. As well, TD notices that Quebec utilized the billions it invested in infrastructure projects that were underway when the recession struck to benefit its overall financial status.
According to TD economists, Quebec has also relied far less on resources when compared to Canada's western provinces.
Says TD chief economist Don Drummond: “A return to growth later this year will mark the end of a relatively short and weak recession in Quebec compared to the recessions of the 1980s and 1990s.”
It is hopeful that the rest of Canada will follow Quebec's lead in helping the entire nation find a more comfortable, and eventually prosperous financial situation in the very near future. That is, of course, if Quebec still wishes to be part of Canada.