Good policies, good behaviour and good fortune: if only others could be as lucky. By 1995 Canada’s chronic fiscal deficits, towering public debt and stagnant economy prompted the Wall Street Journal to call it “an honorary member of the Third World”. Years of deficit cutting followed. The result was that Mr Harper’s government could easily afford the modest stimulus it applied in 2008. Government debt in Canada is still below 36% of GDP (and will soon fall), little more than half the (rising) ratio in the United States.
Read the complete article in The Economist
here.
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