Canada to lead G7 in GDP growth in ‘09: IMF

Canada will lead the other G7 countries in economic growth in 2009, a muted honor considering that the global economy should slow markedly, according to a new IMF study released Wednesday.

The International Monetary Fund said this country should see economic growth in the range of 1.2 per cent next year, less than half of what Canada experienced in 2007, but the best performance among Japan, the United States, Italy, France, Germany and the United Kingdom.

Still, Canada’s economy is not immune from the ongoing global financial collapse, said the international monetary think-tank.

“Although resource-intensive sectors have benefited from high commodity prices, the lagged effects of past real appreciation of the Canadian dollar, together with the United States slowdown, has hit manufacturing hard,” said the IMF’s World Economic Outlook, produced just ahead of a two-day meeting between IMF and World Bank officials.

Overall, the world economy will grow by 3.9 per cent in 2008 and three per cent in 2009. That level is 40 per cent slower than the five per cent increase it averaged for 2004-2007.

The IMF anticipates the U.S. economy will stumble badly next year, posting a microscopic growth rate of 0.1 per cent next year, a far cry even from this year’s expected GDP increase of 1.6 per cent.

All of the major industrialized countries are grappling with the worst economic crisis since the Great Depression in the 1930s, the IMF said.

cbc.ca

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It is truly amazing how this article has been hidden from mainstream media.  This is an excellent example of why listening to the media and following their every move can hurt us as a nation.  Canada will be effected by the global melt down, but it will not destroy us.  We are in the number 1 spot right now to lead the G7…  This is awesome news…

This is what I like to read about, instead of reading how we are going to be going into another depression, recession etc.  The best apart about it is the within the country to lead the G7, which of those provinces will lead that nation?  That’s right… ALBERTA…  I don’t know about you, but I’m continuing to put my money into real estate here.

What do you think?