Word: canadas
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Dates: during 2000-2009
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After months of resisting the inevitable, Canada has finally been pulled into recession by the worst global downturn since The Dirty Thirties...
...Bank of Canada's announcement last week that the domestic economy cannot continue to grow in the face of an ever deepening financial crisis comes amid predictions of staggering job losses for the fourth quarter of 2008 and a political crisis in Ottawa...
...Canada's central bank also slashed its overnight rate three quarters of a percentage point, to 1.5%, the lowest level since 1958 when John Diefenbaker was prime minister. The move is intended, in part, to prop up sinking consumer confidence and provide some much-need relief for key sectors such as forestry, mining and oil that have been particularly hard hit in recent months by a commodity bust. (See pictures of the global financial crisis...
...bank is prepared to cut rates (which remain half a percentage point above the U.S. level) further in January 2009. But will lowering interest rates put Canada on track for recovery...
...Perhaps that question is premature since Canada's economy grew in the third-quarter, so it escaped the technical definition of a recession, which requires two consecutive quarters of shrinkage. But as the economic crisis triggered by U.S. subprime mortgages works its way through the economy, tens of thousands of jobs are being eaten up by a vortex of shrinking demand and plant closures. (See pictures of the recession...