A story earlier this week in the Times-Herald indicated that with the massive downturn in the global economy experts are saying there will be few places in Canada that will fare better in 2009 than Saskatchewan.
In fact, these experts are saying that Saskatchewan will outdo the previously formidable economies of Alberta and Ontario.
While this is great news at a time when all we're faced with is nothing but doom and gloom, everybody needs to add a little caution to this optimism.
Economies across the globe are heading south, and not in a good way.
We have to keep in mind that even if the province's economy stays solid, it could still head into a decline, just not as bad as the rest of the country.
There are going to be tough times up ahead and we shouldn't kid ourselves.
If, as a province, we barely get hit by the fallout from this economic slide, then we should consider ourselves lucky.
As it is, with resource revenues taking a nose dive, there may be trouble on the horizon in the province.
So, let's hope we can ride these negative times out but we need to maintain a level of caution just to be safe.
Let's not get too overconfident about the economy
- Published on October 24th, 2008
- Published on July 10th, 2009
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Staff ~ The Moose Jaw Times Herald
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Comments
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- connie
- - September 18th, 2009 at 17:08:03
Thanks TH for this precautionary editorial.
Anyone who is paying attention to what is happening to the economies around the world would be wise to take personal precautionary measures. We don't have control over the stock market but we do have control over our personal finances.
Personal Finance Experts are recommending that we pay off our credit cards, stop buying and charging stuff we do not need, have enough cash saved to live on for 3, 6 or 9 months in case we lose our job -- in general, do not live beyond our means and don't charge anything that can't be paid in full at the end of the month.
Part of this financial crisis was caused by everyone living far, far beyond their means; i.e., for the most part by buying houses they could not possibly afford and living on credit card debt and without having any savings.
Again, Thanks TH for this editorial. -
- Roger
- - September 18th, 2009 at 16:49:59
Both of the above comments are correct but I have to come down on the side of Darrell from Saskatoon. For some reason we in Saskatchewan have so conditioned ourselves to lose that we don't know how to win any more. I am all for living within our means but we need to stop being fearful and contracting in our thinking. If you are not advancing you are going backward. I fully agree with fiscal responsibility and not living on credit but sometimes you do have to take some risks to get to the rewards. We need to stop parroting the Eastern based media which is totally pre-occupied with gloom and doom and recession. Canada is in one of the best financial situations in the world and Saskatchewan is at the heart of that growth. Lets be positive and start acting like we can win. Winners are always looking for opportunities when others are running scared.
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- connie
- - September 18th, 2009 at 16:44:02
Roger you are absolutely right. We should not be fearful or panic; that is the worst thing to do. I agree that for some, now is the time to look for opportunities; for others, paying attention to their personal finances may be in their best interest at this particular time.
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- Darrell
- - September 18th, 2009 at 16:37:41
It seems that we really love bad news. Is it our puritanical roots? Sun's out, and we say, yeah, but it'll probably rain. We're so used to being a hard-luck province that we're comfortable with it. We think we don't deserve anything good that happens to us. Even in relatively good times, much less during the boom we've experienced for the past couple of years, we expect the bottom to fall out, or secretly hope for it. Every silver lining has it's cloud, we figure. I'm dismayed to see that pessimistic attitude in ill-informed editorials such as this. All the more so on a day like to today, when the Conference Board of Canada has released it's latest forecast, reinforcing what other economists have been saying: that Canada is unlikely to experience a recession. We're expected to have slower rates of growth, but our economy will still grow at a respectable rate of 2.4%, even as other countries' GDPs decline. Of course, it pays to be fiscally prudent. That's probably what helped us go into this storm in such good shape. But don't worry, I'm sure we'll find something else to keep us awake at night.
