Canada's economic performance is nothing to celebrate

For all of the self-congratulatory rhetoric of the Harper government, the fact remains that Canada’s economic recovery has been built on very fragile foundations. Growth has been fueled by the growth of household and foreign debt rather than by business investment, and we have become dangerously reliant on the resource sector.

Over the entire period of recession and recovery, between 2008 and 2013, Canada's real GDP grew by 6.2%. Growth was driven by an 11.9% increase in household consumption over this period, helped by booming residential construction.

Household spending has...

Dodge, Carney and the return of pragmatic economics

Central bank governors are not normally known for being outspoken or critical of prevailing economic policies. Not the case, it seems, for Mark Carney and David Dodge, former governors of the Bank of Canada.

Mr. Dodge, in a report for...

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