Canada’s unemployment rate has never been this low. Employers are adding jobs and hiring what few workers haven’t already been gobbled up. GDP growth in Canada is also better than any other G7 country.
Yet the economic narrative in this country is dominated by doom and gloom.
In fact, results from Google Trends show that searches for the word “recession” have dramatically risen in Canada, even while the economy continues to churn out growth.
“I think it is a little bit overblown,” said Pedro Antunes, chief economist at the Conference Board of Canada. “I think, obviously, the bad news tends to get more traction in the discussion out there.”
But, he says, the economy is in really good shape.
In fact, Canada’s economy is benefiting from some of the very things that worry consumers — even as it pinches your pocketbook.
High global oil prices are pushing up your cost at the pumps, but it’s acting as a boost to Canadian GDP. Sky-high food prices mean you’re paying significantly more at the grocery store, but they’re driving up the revenue of Canada’s enormous agriculture industry.