So, it's over – at least technically.
The Canadian economy has edged out of recession. The country's gross domestic product grew at an annualized 0.4 per cent in the third quarter, Statistics Canada said Monday, the first growth in a year and a sign the recession is over.
This recession will be characterized as shorter, and sharper, than previous downturns, and most economists expect the return to recovery will be gradual.
Douglas Porter, deputy chief economist at BMO Nesbitt Burns, says: “The Canadian economy is erratically grinding out of recession, led by broad-based gains in domestic spending. A relatively muted recovery remains the dominant theme.”
Mr. Porter, who has analyzed economic trends and financial markets for 25 years, joined us Tuesday for an online discussion to discuss where the economy stands, and where it might be headed.
Mr. Porter writes regularly about macroeconomic, interest rates and currency projections. He also once worked in the research department at the Bank of Canada.
Mr. Porter has a Masters degree in economics from the University of Western Ontario and has been on the board of the Toronto Association of Business Economists for the past 11 years.
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