Canadians fared far worse in recession, economist says
THE CANADIAN PRESS
Published On Tue Nov 24 2009
OTTAWAA new independent economic analysis shows Canada's recession has been longer and deeper than the official record indicates.
The report from Dale Orr Economic Insight shows that Canadians have been on a downward spiral in terms of their standard of living since 2007.
Orr estimates that Canadians have seen a 4.3 per cent falloff in their standard of living since 2007, in terms of real gross domestic product per capita,.
And individuals living in most of the larger provinces, with the exception of Quebec, have fared worse.
The report estimates Albertans' standard of living has fallen 6.2 per cent since 2007, and Ontarians' by 5.8 per cent.
Economists measure recessions based on gross domestic product movements, and by that measure the recession began in the fall of 2008 and likely ended in June, resulting in a 2.4-per-cent contraction of the economy this year.
But economist Dale Orr argues the usual analysis of GDP doesn't take into consideration that there were more Canadians producing less product.
Since Canada's population has been increasing by about 1.1 per cent a year, the economic output per person has contracted even more.