OECD economic outlook
Naked Capitalism has a post on the OECD economic outlook and wow:
The 30-nation Organization for Economic Co-Operation and Development (OECD) said member economies would contract -4.3 percent this year. That was sharply down from its last forecast of -0.4 percent, made in November.
"The world economy is in the midst of its deepest and most synchronized recession in our lifetime caused by a global financial crisis and deepened by a collapse in world trade," the OECD said in its interim economic outlook.
Amazing to be changing their forecast 10-fold in terms of the contraction they expect.
Seems they think Canada is in better shape. I think so as well, but Canadian political leaders are quickly destroying Canada's stronger foundation. What Canada has going for it is that we reduced debt in the easy money years and that was huge, but with moron leaders that seemed to have gone to the same school of screw-the-world-with-bad-fiscal-policy and the weight of the US being our largest trading partner, well, I think of our political leaders as beating on our foundation with sledge hammers along with the other world events and I am not so sure what Canada build can bring us through such incompetence.
Anyway, the link is a good read.