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Originally Posted by Vendzilla
Tempest, I wish more people would come in these threads and give information like that, it's politics and opinions vary. I read what you said, but I have to think, the end result is you guys are doing pretty good now?
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Like most of the world, we were negatively impacted by the financial crisis. But apparently we have the strongest economy of the G8 nations at this point. We were able to rebound quicker because the effects weren't as deep.. We regulate our banks a lot more.. The type of stuff that was going on in the US isn't allowed up here...
We're still recovering but overall we're doing much better than the US. The US is our biggest exports partner so of course our economy was hit by the US downturn... But we've been diversifying our exports over the last few years to other countries like China in order to lessen those types of impacts.
Out Debt to GDP is up, but that's to be expected after the last couple years.. It's still a lot lower than the US though... One stat says it's about 59% for the US and 34% for Canada.
Unemployment rate is around 7.4%/7.6%.. It's been falling steadily since maybe Jan 2010 after hitting a high of around 8.7%. Don't know how much lower it will get given our lowest over the last few decades was around 6%.. Looking at the US though, yours is at around 9% and not really going down.. Your high was just over 10%?
Like I said, because we keep tighter control on our financial sector, we weren't hit as hard. But a poor US economy impacts ours, something I hope our government continues to work on through more diversification.