Indeed, in the fourth quarter of last year we saw annualized GDP growth of almost 3 per cent, when most analysts were expecting the Canadian economy to shrink.
However, as we recovered from the 2001 slowdown and from 11 September, the U.S. economy was hit by a fourth shock - loss of confidence in the integrity of financial reporting and analysis as a result of Enron, WorldCom, and other accounting and corporate governance scandals.