the CanadaVisa Team - 22 July, 2015
Last month, the Bank of Canada declared that the recession in Canada was effectively over. This week, there have been more reports that the Canadian economy is growing.
Statistics Canada (StatsCan) has reported that in August, the private sector created more than 27,000 jobs, and has said that the Canadian job market has been improving since April.
StatsCan also reported that the Gross Domestic Product in Canada grew in June, for the first time in 11 months. Canada’s major banks are reporting profits in the third quarter of 2009, another sign that the economy is recovering.
Canada Mortgage and Housing Corp., the federal housing agency, said that the housing market is expected to rebound over the last few months of 2009.
Analysts are saying that all of the above are positive signs, showing not only that Canada is recovering from the economic downturn, but that its economy is also expected to grow.
"The upturn in June GDP, the swift snapback in housing amid rebounding consumer confidence, and a stabilizing U.S. economy all suggest that Canada’s recession is indeed ending," said Douglas Porter, deputy chief economist at BMO Capital Markets, a leading financial services provider.
