Less than three months ago, APEC was cautiously optimistic that the recession would be short and relatively shallow. However, the downside risks identified in our fall forecast have quickly materialized. Growth in the global economy is expected to fall to just 0.5% in 2009, its lowest level in the last sixty years. In the U.S., the recession is deepening as job losses accelerate and consumers cut spending. Provincial economies are slowing across the country and the deteriorating economy is now becoming more evident in Atlantic Canada.
This report discusses recent measures to revive the flagging economy and their impact on Atlantic Canada.