.GlenPearson: The Economic Tide is Turning | National Newswatch
Canadians continue to feel that the ongoing impacts of the Russian-Ukrainian conflict are having detrimental effects on the economy overall and their own personal standard of living as well. They aren’t wrong. We knew collective pain was coming. It still is, continually prompting speculation about an oncoming recession.
The launch of the Russian-Ukrainian war sent the global economy into something of a tailspin, with skyrocketing prices for oil, gas, and fertilizer, leaving commentators to note that the economic pain could go on for years. That’s not happening, at least to the degree predicted. After a surprisingly short amount of time, the economic shock has begun to dissipate.
Zakaria targets three groups as responsible for avoiding what could have been an economic catastrophe – governments, the private sector, and citizens, saying that they all “swung into action” in a fashion that blunted the more drastic predictions. This gentling of economic hardship couldn’t come soon enough for Canadians, who accepted the burden to a certain degree out of their solidarity with the people of Ukraine. With many observers now wondering if the Russian forces are in retreat, some are wondering if a full economic recovery could eventually be possible. That seems doubtful, but at least we are considering it.
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