Canada’s Federal Reserve has raised interest rates twice in the past year, raising the risk of a global recession.
But with both moves, the Canadian economy is still not as far along as the Federal Reserve might have hoped.
While the bank has been warning for months that the economy is heading toward a recession, economists still have little data to show why this is the case.
One of the biggest concerns is that the US economy is already starting to slow down and that many of the same risks of an economic slowdown will become apparent in Canada.
In an interview with CBC’s The Current, Canadian economist Dan Le Bouthillier outlined how Canada has fared compared to the US.
“The main problem with our economy right now is that it’s very reliant on exports.
There are not many other countries that can sustain that,” he said.
“That’s a concern that we haven’t really looked at.
We have an economy that’s a little bit too reliant on export earnings, that has a pretty significant unemployment rate, that’s been hurt by the global downturn.”
Le Boulillier is an economist with the Canadian Centre for Policy Alternatives (CCPA), an organization that promotes progressive policies to boost the economy.
“There is no evidence to suggest that this recession is imminent.
We’ve already seen that in the US, we have seen that with Canada, the problem is that we have a huge debt problem,” he explained.
“This is a major drag on the economy.”
Canada’s economy is the fourth largest in the world and is one of the strongest in the G7.
Its unemployment rate is at 6.3 per cent.
That’s one of its highest in the OECD, and it’s one that has been in decline for years.
In Canada, however, the job market is still struggling to catch up to other developed countries.
The unemployment rate in Canada is about twice the OECD average.
The Federal Reserve’s rate hike this year is expected to raise the unemployment rate even higher.
However, economists at the Centre for Global Development think that the pace of economic growth will slow down.
“If the U.S. and Canada continue to grow at their current pace of growth, their unemployment rate will drop to about 4.2 per cent by the end of 2020,” economist Robyn McBride said in a research note.
“With the US and Canada at similar rates of growth and employment, we estimate that these countries could be able to sustain 2.4 per cent annual growth for at least another decade.”
But Le Boustillier said that while Canada’s unemployment rate might be a bit too high, that doesn’t mean that the economic situation isn’t dire.
“It is a very big problem in Canada, and I think there are very, very good reasons why the unemployment rates are so high,” he told CBC.
“Because the Canadian dollar is extremely low relative to other currencies, there’s very little foreign investment coming into Canada.
“So we’re in a situation where the cost to produce goods in Canada would be much, much greater than what the cost would be in the United States or in Germany, which is a much larger economy.” “
It’s not just the US that’s facing a severe shortage of jobs in the wake of the financial crisis, however. “
So we’re in a situation where the cost to produce goods in Canada would be much, much greater than what the cost would be in the United States or in Germany, which is a much larger economy.”
It’s not just the US that’s facing a severe shortage of jobs in the wake of the financial crisis, however.
The US is also facing a shortage of workers.
According to the Federal Labor Department, the number of Americans working full-time in the U;s economy dropped by 2.3 million between January and December.
And while there are still people looking for work in the jobless rate is down to 7.4%, it’s still higher than what it was in December of 2013.
According a recent report by the Congressional Budget Office, the United State will continue to be the most expensive country to live in the country by 2020.
In fact, according to the CPA, the US will be the 10th most expensive in the entire world.
With the Federal government’s $4.3 trillion budget deficit looming, many people in the workforce are worried that the country may not be able find the workers it needs to make up for the shortfall.
But the CCPA thinks that Canada is still on track to find workers who want to work in its country.
“We’re very optimistic that Canada will be able and willing to hire workers, to make a contribution in the labour market, and we think that it will be a major contributor to the long-term labour market that it provides,” said Le Boultillier.