B.C. Showing Signs of Recession Recovery
By 250 News
Wednesday, November 04, 2009 12:24 PM
Prince George, B.C.- The Chamber of Commerce of Prince George has been told the deep recession is showing signs of easing and global recovery is on the way.
Deputy Governor of the Bank of Canada, John Murray told the gathering there are some positive signs for B.C.’s recovery :
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Economic activity appears to be picking up throughout the province
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Consumer confidence is on the rise
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Retail sales volumes are on the rise, but at a rate slower than in other regions of the country
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Major public spending on transportation and infrastructure projects ( other than 2010 related work) will continue to contribute to growth in 2009 and in 2010
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B.C. employers anticipate job growth over the next year.
The challenges for BC remain in the export markets which Murray says remain weak and are expected to strengthen only gradually, and a near doubling of the unemployment rate over the past year indicates “considerable slack in the labour market.”
As for the national picture, Murray says after three quarters of “sharp contraction, economic growth has resumed in Canada. He says the recovery is supported by monetary and fiscal stimulus, increased household wealth, improving financial conditions, stronger business and consumer confidence.
On the down side, Murray says increased volatility and the strength of the Canadian dollar will more than offset the positive developments observed since July. He says this will slow growth and see the Canadian economy contract by 2.4% this year, grow by 3.% next year and 3.3% in 2011.
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Posted by: cheeta on November 4 2009 12:53 PM