First, a bit of good news: Canada will likely weather the current economic storm better than any other Western nation. As the Prime Minister recently pointed out, Canada has a low debt burden, an efficient inflation regime, a diversified economy, flexible labor markets and proper fiscal management going back for more than a decade. Canadian banks have not needed the government bailouts that have become a necessity in the US and many European countries. In fact, Canada has the world’s soundest banking system according to a survey by the respected World Economic Forum. To top it off, many economists predict that Canada will be the first advanced country to emerge from this worldwide economic downturn.
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