Canada’s economy is deeply flawed, but it appears to have at least one characteristic that will keep it in the big leagues: resiliency.
Gross domestic product grew at an annual rate of 1.3 per cent in the third quarter, Statistics Canada reported on Friday. That should mute the recession talk, while at the same time bolstering the arguments of those who say Canada needs to work on its competitiveness. The Bank of Canada reckons the economy can run at an annualized pace of about 1.7 per cent without overheating, so clearly there’s some work to do.
For now, the central bank will probably continue to leave that work to others. The GDP numbers favour continuing the holding pattern that the Bank of Canada entered a year ago.
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