Canada is shrinking beyond expectations. Are we next?
Australia’s resources based economy is a lot like… Canada. And what’s happening in Canada? Canada’s economy shrank in the first quarter, which was the first time it has contracted since 2011 as falling energy prices prompted a decline in business investment. “Gross domestic product fell at a 0.6 percent annualized pace in the first quarter. The drop exceeded all 22 economist forecasts in a Bloomberg News survey, in which the median call was for an expansion of 0.3 percent.” (VIEW LINK)