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The threat of further bank collapses has evaporated according to one of Canada’s leading financial economists Benjamin Tal, senior economist with CIBC World Markets.
Speaking at the Canadian Association of Accredited Mortgage Professionals (CAAMP) convention on Monday, Mr Tal said the banking recession was officially over because the threat of losing a major bank to the global financial crisis no longer existed.
Mr Tal attributed the “speedy recovery” to the various government-funded initiatives that have been introduced.
“For the first time ever, consumers will not be responsible for pulling the economy out of the financial doldrums,” he said.
“This is going to be a government funding-led recovery. The government’s funding initiatives have bought the economy some time and allowed consumers to find their feet and confidence.”
“Canadians are cautiously optimistic, a sentiment that is currently only echoed in Australia.”
