The Economic Crises Through the Lens of Economic Well-being
This report looks at how the economic crisis has unfolded in Canada and what will be the impacts on economic wellbeing. The shortfall is estimated to be approximately $12,000 ($2007) per capita. In other words, given no economic crisis, GDP per capita in Canada would have likely been $1,736 higher on average each year over the 2008-2014 period. Between October 2008 – the month at which employment peaked in Canada – and May 2009, net employment fell by 362,500 persons. The negative effects of unemployment go well beyond loss of income. Roughly 60 per cent of the newly unemployed, compared to about 40 per cent in recent years, receive regular EI benefits, reflecting the concentration of employment losses among long term full-time employees (e.g. auto workers). Based on the experience of the recession of the early 1990s, we should expect an increase of about 4 percentage points in the after-tax poverty rate, which would reach 13.2 per cent in 2010.
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