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Optimism on the Economic Horizon

By Molly Wider

Republish: EasyPublish™
Published: 15Jun2009
Word count: 406
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Recent economic reports have stated that Canada is expected to pull through the current economic crisis very soon. Optimistic economists believe that Canadians are aware of the present situation, and that Canada as a whole is beginning to show signs of recovery.

Many believe that "...Canada is better placed to come out of this current economic crisis on a much stronger footing than many other countries?" (Globe and Mail), though this type of statement doesn't hold much water in the grand scheme of things.

The fact remains that the "... rebound from the recession will be muted, and risks to the outlook are mostly negative (Globe and Mail)." In addition, the unemployment rate is expected to rise to 8.9 percent by the end of this year. This jump is rather large when compared to the 6.2 percent that was reported in 2008.

Regardless of the many things that various economists want Canadians to believe, the truth is that the economy is not really improving by leaps and bounds. A concrete example of the economic standstill is the average Canadian bank.

Canadian banks are not approving nearly as many loan applications as they once were. Even in the wake of positive economic reports, these lenders are still holding onto their funds with an iron-clad grip. Another example of the state of the present economy is the average Canadian consumer.

Consumers are lining up for traditional bank loans just as quickly as they are being denied that very same loan. In short, nothing within the economy has begun to stir, and nothing has changed as of yet. With more and more consumers seeking out private loans, it's clear that "customary Canada" is not yet rebounding from the recession.

Those that are seeking some form of a loan are better off to look for private asset-based loans than they are to search for traditional loans. Private lenders are approving many of the loan applications that traditional lenders are not willing to consider.

During these troublesome times, private lenders have really come to the aid and rescue of consumers. As more people discover the benefits to a private loan, the question is whether or not traditional lenders will have any place within the financial hearts of consumers once the recession has (truly) vanished.

The fact of the matter is that while optimism is catchy, it is not the unbridled truth. The outlook for the Canadian economy remains uncertain, and jobless rates continue to climb.

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