In my column for the National Post, I ask if Canada is about to face an economic downturn:
Is Canada’s luck finally running out?
Through three bad economic years, Canada has emerged as an island of relative stability amid the global storm. More Canadians are working today than were working in the summer of 2008. No other major Western economy has done so well.
Canada has the lowest debt burden of any G7 country. The turmoil in the Eurozone and the gloom in the United States feel very far away from the stability and prosperity of Canada.
Yet Canadians should be warned:
I was talking the other day to a diplomat from a small northern European country. I congratulated him on his nation’s relative economic success. He shrugged. “It’s only a matter of time. You cannot long remain a winner country in a loser region.”
The same principle applies with nearly equal forces on a loser planet.