What's New

Category: What's New in 2008

OECD warns of worst recession since early 1980's;

OECD warns of worst recession since early 1980's; Canada will be drawn in
November 27, 2008

Julian Beltrame - OTTAWA - The Organization for Economic Co-operation and Development says Canada will not be immune from the current global malaise and will see its economy shrink by an average 0.5 per cent next year.

The group says almost all the 30 developed countries that make up the OECD have already entered the recession.

It estimates the OECD countries will have an average 1.4 per cent contraction in the fourth quarter of this year, the October-December period.

The OECD report is unwelcome news to the government as it prepares for Thursday's economic update and upcoming federal budget.

"No one in the world was predicting the kind of economic downturn and the severity and depth of the economic downturn that we've experienced in the last 12 weeks," Finance Minister Jim Flaherty said in the answering questions on the report in the House of Commons. Click here to read the full article.

Return to Main Article Listing



Home About Us Services 1st Time Buyers Rates Calculators Apply Now Join Our Team Resources Contact