What About Economic Recovery?

October 1 st 1983

During 1983 the economy has regained some of its lost vigour by means of increased consumer spending, the end of a rundown of business inventories, and some job creation. However, according to most observers, the long-term outlook is not cheerful.

In its latest forecast for the period 1983-88, the Conference Board of Canada predicts that inflation and large government deficits will keep interest rates high which will in turn curb consumer spending and business investment. Average weekly wages will not move ahead of inflation, and the economy will grow at an average annual rate of two per cent.

The U.S.-based National Association of Business Economists last week made similar predictions, including a stagnant GNP rate for 1985 and 1986, and also named high interest rates as the cause.

 

Harry Antonides came to Canada in 1948, initially working as a farm hand and railway labourer. After over a decade working in a chemical plant in Sarnia, Ontario, Harry joined the newly forming Christian Labour Association of Canada (CLAC) in 1962 as a field representative. By 1970 Harry became director of research and education. In 1974, he was a founding member of the Work Research Foundation (now Cardus) and publisher of their sole publication, Comment magazine. A prolific writer and dynamic speaker, Harry delivered lectures all over North America and published numerous articles, reviews, and essays. He is author of several books on Christianity, labour, and economics, including Multinationals and the Peacable Kingdom (1978) and Stones for Bread: The Social Gospel and its Contemporary Legacy (1985). Harry is retired and lives with his wife Janet in Willowdale, Ontario.

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