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Macdonald-Laurier Institute

Audio: Cross discusses recession confusion with John Gormley

July 16, 2015
in Domestic Policy Program, Economic policy, In the Media, Latest News
Reading Time: 1 min read
A A

“There’s an old joke about the pessimistic economist: He’s predicted seven of the last two recessions”, jokes CKOM host John Gormley. On Tuesday, he interviewed MLI Senior Fellow Philip Cross about conflicting reports of whether Canada is in recession, and what lies ahead.

Declaring when the country is in recession “certainly is an art”, notes Cross. “We look at output and employment … if the decline in output isn’t severe enough for firms to start cutting back on employment, it’s probably not severe enough to cause a recession”. He says that while it appears there has been a slight decline in GDP in the first part of the year, firms are still hiring. “That tells me that it’s unlikely that this is a recession”, said Cross. He also points out that from his past experience as Chief Economist at Statistics Canada, “you can’t tell the difference between an economy shrinking .1 percent and growing .1 percent.”

Cross also noted that the downturn hasn’t been felt in many parts of the country, another reason to hold off on declaring the country is in recession.

For the rest of this engaging and informative interview click here.

 

Tags: crossJohn Gormleyrecession
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  • Home
  • About
    • Who We Are
    • Who Makes MLI Work
    • Tenth Anniversary
  • Experts
    • Experts Directory
    • In Memoriam
  • Issues
    • Domestic Policy Program
      • Agriculture and Agri-Food
      • Canada’s Political Tradition
      • Economic policy
      • Health Care
      • Innovation
      • Justice
      • Social issues
      • Telecoms
    • Energy Policy Program
      • Energy
      • Environment
    • Foreign Policy Program
      • Foreign Affairs
      • National Defence
      • National Security
    • Indigenous Affairs Program
  • Projects
    • The Great Energy Crisis
    • Centre for Advancing Canada’s Interests Abroad
    • Dragon at the Door
    • Canada and the Indo-Pacific Initiative
    • The Transatlantic Program
    • DisInfoWatch.org
    • An Intellectual Property Strategy for Canada
    • Competition Policy in Canada
    • Speak for Ourselves
    • Justice Report Card
    • COVID Misery Index
      • Provincial COVID Misery Index
      • Beyond Lockdown
      • COVID and after: A mandate for recovery
    • Indigenous Prosperity at a Crossroads
      • Aboriginal Canada and Natural Resources
    • Past Projects
      • The Eavesdropping Dragon: Huawei
      • Talkin’ in the Free World with Mariam Memarsadeghi
      • Munk Senior Fellows
      • A Mandate for Canada
      • Confederation Series
      • Fiscal Reform
      • The Canadian Century project
      • Fixing Canadian health care
      • Internal trade
      • From a mandate for change
      • Size of government in Canada
      • Straight Talk
      • Labour Market Report
      • Leading Economic Indicator
  • Events
    • Upcoming Events
    • Past Events
      • MLI Dinners
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© 2021 Macdonald-Laurier Institute. All Rights reserved.