The U.S. economy is experiencing its weakest recovery since the Great Depression and must now confront its fiscal realities. The euro area has fallen back into recession and must refound itself. The Japanese economy is floundering. By comparison, Canada has done well. We had the shortest recession and the strongest recovery among major advanced economies.
Indeed, Canada is unique among this group to have regained its pre-recession level of both real GDP and employment (Charts 1 and 2). Canada is by itself in an expansion. Why have we done so well? It would be a conceit to think it is because we’re smarter, better educated, more inventive or harder working. The truth is more humbling.