The world’s, not just Canada’s, economy is slowing down

These words should cool the hot air that is spewing from some political parties vying in Canada’s federal election campaign.

Mr. Don Drummond, the Stauffer-Dunning Fellow at the School of Policy Studies at Queen’s University and a former chief economist at TD Bank, said these words.

He also said:

1. It clouds the issue when parties parse whether the economy shrank or grew by a fraction of a percentage point.

2. They shouldn’t quibble over whether the “federal budget is in or out of deficit by a few billion dollars.”

3. #1 and #2 just don’t matter in terms of the big economic picture.

4. People need to get with the program:  “The biggest point is: the world, not just Canada, is entering a period of sustained lower growth.”

5. We need to get used to a non-robust two percent growth.

As an aside, let’s remember that Canada was the only G7 country to recover its losses from the 2008-09 financial debacle.

 

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