Immigration.ca - Canada Immigration News - November 2008
Canada is among the few advanced nations expected to avoid an economic recession in 2009, according to the latest predictions from the International Monetary Fund.
The report, issued early this month, predicted a very slight economic growth in Canada for next year, at 0.3 per cent. This is a sharp drop from the previous IMF prediction of 1.2 per cent, issued only one month prior.
The good news is that Canada, unlike many industrialized nations, is still not yet looking to fall into a recession. The world economy has been under heavy stress of late and recessions are predicted in most of the advanced nations including the United States and most European nations.
The world economy is expected to see a growth rate of 2.2 per cent, down 0.8 from last month’s predictions.
Experts believe that the effects will be felt in the labour market, where job vacancies are expected to drop and unemployment rates will rise. The Canadian Government, however, is preparing measures to stimulate activity.
Source: Canadian Press
