![]() ANALYSIS Canadian economy is like a movie, Poloz says.But the bank took pains to not be too cheerful, which caused many to suspect the bank is trying to talk the loonie back lower. The bank's overall tone was one of cautious optimism, as it hiked its forecast for growth this year. The decision itself was no surprise, but it's always fascinating to listen to the central bank to hear their views on which way the economy is headed. Bank of Canada stands patĪnother of the week's biggest stories came on Wednesday when the Bank of Canada opted to keep its benchmark interest rate steady at 0.5 per cent. Should be interesting to watch how it all turns out. Two very different plans to deal with similar problems. Two was holy - and you can put whatever four letter word you want into it - and the other reaction was this is just one shoe that's going to drop and the other one is going to drop in the fall." "My reaction when I heard what they're doing right now is three-fold," Memorial University professor Wade Locke "One was - wow, I was surprised at how big the cuts and taxes are. Newfoundland and Labrador, on the other hand, took the austerity route, raising taxes and fees on just about everything and cutting services.Īlthough Newfoundlanders knew a tough budget was in the works, the details were still a shock to some. Alberta laid out new money for families, for low-income Albertans, for small business and for investors in an attempt to stimulate the economy. ![]() cuts as two provinces take different pathsīut while the two provinces share the same illness, it was interesting to watch them prescribe vastly different solutions this year. Newfoundland and Labrador unveiled a budget on Thursday with a $1.8 billion deficit, one of the largest in the province's history, caused by a huge drop in revenues because of persistently low oil prices.Īlberta has been hit by the same slowdown, and posted an even larger deficit - $10.4 billion in the red. ![]() Two Canadian provinces revealed their budgets this week, and they showed very divergent strategies to the same problem: how to fill the hole left behind by cheap oil.
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