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There has been a lot of talk about the global recession recently…and not just on the Synergy Merchant Services Blog. But just as soon as the recession has begun, it seems that it has ended! It has, at least, according to business reporter Rita Trichur.
In today's edition of The Toronto Star, Trichur writes that The Bank of Canada reports “the end of the recession is nigh”.
Based on information received from the bank's latest monetary policy report, she notes that “Canada's economy could mark the end of the recession this quarter amid improved financial conditions, firmer commodity prices and recovering consumer confidence”.
According to the report, the central bank predicts that the economy will grow by 1.3 per cent on an annualized basis in the third quarter, marking an increase from its previous projection of a 1 per cent contraction. Previously, The Bank of Canada believed the recovery would not take place until the fourth quarter.
Furthermore, it is projected that the Canadian economy will continue to see growth in 2010 and 2011. This new optimistic view was encouraged, in part, by a spike in consumer spending as well as a slowing down of the pace of contraction in the second quarter, notes Trichur.
While Trichur's report is cause for hope, it is unfortunately also subject to speculation. Over the past several months, reporters have predicted both the worsening and the end of the recession in a back and forth fashion almost daily. Apparently, this is becoming all too frustrating for a good portion of the Canadian public.
One of the main and most obvious reasons for the discontent of so many Canadians is the job losses that many have had to incur as a result of the nation's economic crisis. Here's how one angry reader responded to Trichur's “Bank Declares Recession Over” article on The Toronto Star's website today: “So all the recently unemployed will now get their jobs back, right? Yeah, sure! And I just saw a pig flying outside my window”.
“Tell this to the people who can barley [sic] survive now and are still in fear of losing their jobs and all the problems that follow this event,” says another.
Evidently, the recession is not yet over. At least, not in the minds of the many Canadians who have endured hardships as a result of the nation's economic decline. As always, the Synergy Merchant Services Blog will stay on top of this ever-changing story.