Commentary The Canadian federal budget arrived with the usual thud. It seems they just can’t help themselves. A number of commentators have already complained that instead of a brief, dry, factual explanation of the current government balance sheet and the ministry’s unrealistic expectations for it, it contains hundreds of pages of soothing bumf about good…
John Robson: The Budget: Piling on More Taxes and Regulations Won’t Fix Sluggish Economy
War to Slash Ukraine’s GDP Output by Over 45 Percent, World Bank Forecasts
April 12, 2022
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WASHINGTON—Ukraine’s economic output will likely contract by a staggering 45.1 percent this year as Russia’s invasion has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank said on Sunday. The World Bank also forecast Russia’s 2022 GDP output to fall 11.2 percent due to punishing financial…
Economists Cut Forecasts for China’s 2022 GDP Growth Amid Extended COVID Lockdowns
China’s continued insistence on a zero-COVID policy has created severe hardships for residents and the draconian measures in use could negatively impact its GDP growth. Economists worldwide recently lowered their forecasts for China’s expected GDP growth in 2022. On April 1, economists at Morgan Stanley slashed their full-year forecast of China’s 2022 economic growth to 4.6…
Governments in Canada Were Already Bigger Than Optimum Size Pre-COVID: Study
The size of governments in Canada increased enormously during the COVID-19 pandemic, but even before that, the size of the federal government and almost all provincial governments had already grown beyond the optimal point to benefit citizens, a new study says. “It’s important to understand just how much governments across Canada have grown in recent…
Biden’s Fake Prosperity: There Is No Strong Recovery
Commentary “Initial estimate of fourth-quarter 2021 annualized real gross domestic product (GDP) showed that the bulk of recent economic growth and ‘recovery,’ in second-half 2021, reflected no more than a continued, accelerating pace of buildup in unsold inventories, resulting from extraordinarily weak demand. … Of the stronger than expected headline fourth-quarter 2021 real annualized GDP…
Japan Downgrades Fourth Quarter GDP on Service Sector Weakness
TOKYO—Japan’s economic rebound was softer than initial estimates in the final quarter of 2021, revised data showed on Wednesday, as the pickup seen in consumer and business spending was weaker than first reported. The downwardly revised growth is bad news for policymakers tasked with keeping the country’s fragile recovery on track as a jump in…
Ottawa’s ‘Imprudent’ Spending Caused $160 Billion in Debt Pre-COVID: Study
Debt incurred by the federal government was already at a record high before COVID-19 struck Canada, according to a new study, which argues that the escalating spending and deficits in the five years before 2020 has seriously exacerbated the country’s current fiscal challenges. “The COVID-19 pandemic has no doubt worsened Ottawa’s fiscal challenges, but it…
Canadian Economy Grew 4.6% in 2021: StatCan
OTTAWA—Statistics Canada said Tuesday the economy grew 4.6 percent last year, compared with a decline of 5.2 percent in 2020, the first year of the COVID-19 pandemic. Growth in the fourth quarter came in at an annualized rate of 6.7 percent. Statistics Canada said the largest contributor to economic growth last year was household spending…
The Big Fat Lie of GDP
Commentary Well that didn’t take long. Back in November 2021, as the national public debt was hovering around its hard limit of $28.5 trillion, Treasury Secretary (and former Fed Chair) Janet Yellen took Congress to Defcon 1: “While I have a high degree of confidence that Treasury will be able to finance the U.S. government…
UK Economy Grew by 7.5 percent in 2021 Despite December Omicron Impact
The UK economy rebounded in 2021 as gross domestic product (GDP) grew by 7.5 percent following the easing of pandemic restrictions, according to official figures. The growth, which exceeded projections by the Bank of England, nevertheless came after a 9.4 percent slump in the economy in 2020. New data from the Office for National Statistics (ONS)…
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