Canada in Recession: OECD


Published: Wednesday, 11/26/2008 12:00 am EST

The top economist at the OECD says Canada is, and will remain until mid-2009, in a recession, Canwest News Service reported. At a press conference in Paris Tuesday, OECD chief economist Klaus Schmidt-Hebbel said Canada was being hurt by both its close ties to the U.S. and sliding global commodity prices. "In our scenario, Canada is severely affected by these two factors and therefore we have a very significant recession for the case of Canada, which mainly we've projected to have started already in the fourth quarter of this year, and going on for the next two quarters until mid-2009," Mr. Schmidt-Hebbel said.

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