Some economists are worried about the potential of a double dip recession. Roubini warned that world growth leader China was too dependent on exports to the struggling West and predicted that within a year its economic growth will be overtaken by India, a huge nation much more reliant on its domestic market for development.
Canada is also very dependent on exports to the struggling Americans. As a small nation of thirty four million we can not keep our standard of living by turning to our domestic market. Fortunately Conservatives have been active on expanding trade to other countries as noted here, here and here.
Canada's reliance on the United States as a trading partner fell even further in 2008, in the wake of declines in the American automobile and housing markets during the economic downturn.
The Liberal Government led by Chretien and Martin were much more dependent on American trade than the Conservatives led by Stephen Harper.
Exports grew in China despite the media and opposition attempt to paint an image of neglect and poor leadership.
Exports to China totalled $10.4 billion in 2008, up 9.1% from 2007.
It appears the turnover at Foreign Affairs has had little negative impact on the growth and diversification by the Federal Government to expand their trade to reduce our dependency and expand our global trading deals.
The leading Chinese delegate to the forum, Cheng Siwei, seemed to agree with the criticism. "We must change our investment pattern from investment driven to relying more on domestic consumption," said Cheng, a former top Chinese official who chairs the China Soft-Science Research Society among other positions.
The doomsayers were led by New York University economist Nouriel Roubini, who warned in booming tones that "there is a significant risk of a double-dip recession in the United States" as well as in Japan and many European countries.
Roubini warned that world growth leader China was too dependent on exports to the struggling West and predicted that within a year its economic growth will be overtaken by India, a huge nation much more reliant on its domestic market for development.
The Canadian media is not interested in looking at the context of the global recession and the success of Canadians adapting. The transformation of our trading relationships with Brazil, Japan, Panama, China and India will continue to help us grow our standard of living as we become less reliant on our American allies to the south.
A new media outlet is being championed by Quebecor called Sun TV for Canadians that have been tuning out the existing Canadian lineup for years. We will have an opportunity to choose the news without having to subjected to a bias against Conservatives. Freedom of Choice, market competition, Freedom of Speech are apparently not important those who drink the Liberal kool-aid.
