IMF cuts Canada's economic outlook

Published Tuesday, Sep. 20, 2011 9:00AM

Canada’s jobless rate will be higher this year as the global economy enters a “dangerous new phase." The IMF now sees Canada’s economy growing 2.1 percent this year. Canada’s current jobless rate of 7.3 per cent is poised to creep higher and an even worse prediction for the US.  The fund sees the jobless rate averaging 7.6 per cent this year and 7.7 per cent in 2012 (its April outlook predicted next year’s unemployment rate would be 7.3 per cent)The downside risks to the world’s largest economy have “significantly increased,” the IMF said as it shaved its growth estimates for the U.S. by a percentage point over this year and next. It sees unemployment there remaining high throughout next year. Global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing.

It is very sad to see how high the unemployment rate is, especially in major countries like Canada and the United States. People should always have an opportunity to have a job to be able to support and provide for their families so the children can receive a proper education. The government should help out cities and towns that have a high unemployment rate.  We need to find a solution and quickly so that this trend does not continue for the years to come.  The wealthy, and thriving people in the government are concerned about the rich companies that will benefit them. However, they should take the time to help the unemployed people in major countries. It is very important that everyone has a job with decent income for their families and to be able to survive.