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Canada seen moving up in economic rankings
 
 
August 17, 2009
 

TORONTO - Canada is expected to move up in global economic rankings in 
2009 and 2010 as the recession lingers in other countries, buoyed by a 
stable bank sector and lower unemployment, a study showed on Thursday.

After ranking 11th of 17 developed countries in the Conference Board of 
Canada's 2008 report card, Canada is expected to vault to 5th place in 
2010, based on economic forecasts by the Organization for Economic Co-
operation and Development (OECD), the Conference Board said.

Using the OECD's forecasts for growth, unemployment and other economic 
factors over the next two years, the board found Canada was poised to 
come out of the global recession ahead of many peers, pushing it up the 
rankings for international economic performance.

Belgium and the United States were also expected to move up, while 
Britain, the Netherlands and Switzerland are expected to fall, it said.

"Canada is expected to weather the global recession better than most of 
its peers, which is a credit to its stable financial sector and a 
relatively healthier economic position upon entering the downturn," 
said Conference Board Chief Economist Glen Hodgson.

Despite substantial movement among the 17 countries, the top and bottom 
positions are not expected to change between 2008 and 2010. Norway is 
expected to retain first place in both 2009 and 2010, buoyed by its 
resilient economy and large petroleum sector. Ireland is forecast to 
remain in 17th place both years.

A separate report issued on Thursday showed a growing number of 
Canadians are upbeat about the prospects for the national economy and 
employment situation in six months.

The TNS Canadian Facts' Consumer Confidence Index rose to 99.2 in 
August, up six percentage points from July's 93.4 reading.

"Bank of Canada Governor Mark Carney declared last month that the 
recession is over. While unemployed Canadians may not agree with this 
assessment, the fact is consumer confidence has been trending upward 
since it fell to an all-time low last December," said Michael Antecol, 
director of the marketing research company's monthly tracking study.

"Canadians are increasingly optimistic. Their battered investment 
portfolios have recovered somewhat since last fall, housing prices are 
up in several markets, and the key lending rate is at historic lows," 
he added.