Canada had a miserable quarter, Bank of Canada says

[marmar]

Julian Beltrame
The Canadian Press


OTTAWA—The Canadian economy likely suffered the worst quarter since the recession during the summer months, and still faces risks ranging from a global currency war to a collapse in the housing market, the Bank of Canada said Wednesday.

The bank’s latest quarterly outlook estimates the Canadian economy advanced a snails-pace 1.6 per cent during the third quarter, following gains of two per cent in the second quarter and 5.8 per cent in the first quarter.

That’s even slower than the troubled United States, which likely advanced by 2.3 per cent in the July-September months.

On Tuesday, the bank downgraded growth expectations for Canada and the U.S. for this year and next, while freezing short-term interest rates. .............(more)

The complete piece is at: http://www.thestar.com/business/article/878273--canada-had-a-miserable-quarter-bank-of-canada-says?bn=1

[HopeHoops]

1. Is that Bank of America's evil twin?

Not that Bank of America isn't ALSO evil, but still.

[marmar]

2. It's the Canadian equivalent of the Fed.

[HopeHoops]

3. I know. I just couldn't resist.

:evilgrin:

[leveymg]

4. Two of Canada's primary trade partners are the US and UK. Both are in the dumps.

The only reason Canada isn't in a steep recession is that it's a heavy exporter of oil, timber, and other commodities being gobbled up in China. When that slows, Canada is going to be hit hard.