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Recession will way on Economy for Years, Renowned Economist says
Canada has survived The Great Recession, but its effects will weigh on this country`s fortunes for years to come, says Ed Safarian, one of Canada`s most highly regarded economists and the author of a seminal text on how this country endured the Great Depression.
"This is going to be a period of no growth and false recoveries that don`t last," says Safarian, professor emeritus of business economics at the University of Toronto`s Rotman School of Management. His classic text, The Canadian Economy in the Great Depression, is now being published for the third time with insights into the current financial crisis.
"We`re not going to come roaring out of this," says Safarian, 85, who was appointed a member of the Order of Canada in 2005.
The "green shoots" optimism of recent months would wither in the face of Safarian`s assessment. Anyone hoping the errors of the past won`t be repeated would be sorely disappointed.
While the effects of the global financial crisis were more muted in Canada, Safarian worries that growth here will be constrained for several years by large amounts of excess manufacturing capacity and bloated unemployment rolls.
Compared with the 20-per-cent-plus unemployment rate of the Depression`s Dirty Thirties, today`s 8.6 per cent rate is marginal, Safarian said.
Read the full article here.
Canada has survived The Great Recession, but its effects will weigh on this country`s fortunes for years to come, says Ed Safarian, one of Canada`s most highly regarded economists and the author of a seminal text on how this country endured the Great Depression.
"This is going to be a period of no growth and false recoveries that don`t last," says Safarian, professor emeritus of business economics at the University of Toronto`s Rotman School of Management. His classic text, The Canadian Economy in the Great Depression, is now being published for the third time with insights into the current financial crisis.
"We`re not going to come roaring out of this," says Safarian, 85, who was appointed a member of the Order of Canada in 2005.
The "green shoots" optimism of recent months would wither in the face of Safarian`s assessment. Anyone hoping the errors of the past won`t be repeated would be sorely disappointed.
While the effects of the global financial crisis were more muted in Canada, Safarian worries that growth here will be constrained for several years by large amounts of excess manufacturing capacity and bloated unemployment rolls.
Compared with the 20-per-cent-plus unemployment rate of the Depression`s Dirty Thirties, today`s 8.6 per cent rate is marginal, Safarian said.
Read the full article here.