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Canada was lucky to come out of the 2008 financial crisis unscathed, reports economist.com.

Our government and financial sector like to take all the credit, it adds, but both were fortunate that “steps had been taken to strengthen the banking system after a series of failures in the 1980s, [as well as] lucky that a previous Liberal government had eliminated the deficit.”

Read: Were Canada’s banks bailed out?

As well, the “resource-producing western provinces [were able to] take up the slack when [Canada’s] manufacturing heartland slowed dramatically.”

And now, says the outlet, Canada is behind the G7 pack due to disappointing economic and employment growth. Read more.

Also check out:

U.S. banks shouldn’t have been bailed out, says author

Is AIG finished with bank settlements?

Moody’s downgrades Canadian banks

Regulation is top risk for banks

Fund managers question recovery’s strength

Originally published on Advisor.ca

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