Not only are the headwinds of the global financial crisis still blowing, but now we’re also dealing with lower prices for oil and other key commodities, which previously were a key growth engine for us. The implications for income and investment, and the adjustments they’re causing across sectors and regions, may take years to work themselves out.
The drop in oil prices is the most recent setback for the Canadian economy, but it’s not the first time we’ve had a shock that’s had different effects from one region to another. That’s what you’d expect in a large country that’s rich in diverse commodities.