Prince George - Economic Activity (updated)
As the global financial crisis continues and economic reports confirm the impact of the crisis on the real economy, evidence of a severe global economic slowdown is building. The International Monetary Fund recently slashed their 2009 forecast for world GDP growth to 2.2%, projecting that advanced nations will bear the brunt of the weakness. According to this projection, real GDP for advanced economies will contract by 0.3 percent next year, while the developing economies will grow at 5.1 percent — the slowest growth rate since 2002.
Click here to download a pdf with the full details.
Late this month, the federal government announced its commitment to join the efforts of other countries by injecting fiscal stimulus into the national economy to reduce the damaging effects of the global recession. The federal government revealed a plan to provide almost $30 billion in support to the Canadian economy, to create or maintain close to 190,000 jobs. The detailed action plan put forward by the government includes various measures that have the potential to benefit the economy of Prince George and the region, providing that appropriate efforts are put into development strategies and that project applications are completed in a timely manner. In most cases, funding allocations have been limited to a two-year time period.
Click here to download the January update.