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ECON 2000 (1)
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ECON 2000

During the 2008 recession many countries went through a very difficult time Major banks in the United States had given out enormous loans to companies and people that they were not receiving back Canada on the other hand had taken this crisis better than other countriesEconomists believe that there are both micro and macroeconomics related causes to the recession The microeconomics issue that brought down the economy was due to the collapse of the real estate market in the US Banks in the US were loaning out mortgages to people that could not afford the house they lived in Statistics show that US homeowners increased from 662 to 69 percent over a sixyear period This is because people in United Sates were buying second homes vacation cottages and retirement homes that they could not afford The macroeconomic issue that brought down the economy was due to a Global Economic strategy that was made in the 1990s that stated every country should benefit from importing low priced goods from other countries This had a major impact on companies within that country and in this case United States was affected the most Canadas economy took a tumble due the United States Crisis The US is our main trading partner and when they went in a recession that stopped our exports which is our countries biggest income method I believe that Canada did extremely well during the recession though it could have avoided certain aspects Comparing it to other countries like Unite States Spain or Greece Canada had good decisions that restored its financial crisis The major issue that impacted Canada was the loss of over 800 thousand jobs Our country went from 72 to 86 unemployment rates Canadas 20082009 recession was less severe and shorter than in other G7 nations said Philip Cross chief economic analyst at Statistics Canada and author of its yearend review T
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