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BEST? CRANBERRY 1931: The economic depression of the 1930s somewhat skipped Powell River, thanks to international demand for paper from the mill, and planned expansions to its infrastructure. Transients from other parts of Canada found work here in the mill, and in resource industries. There was also a relief camp near Duck Lake. Learn this history, and much more about “Powell River and the Great Depression”, in an excellent 10-minute video by Powell River Public Library adult services coordinator Mark Merlino available on YouTube, https://youtu.be/nw7ih1lpCPY. Photo courtesy of the Powell River Historical
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Prepare your household for COVID’s economic slowdown BY MORGAN PÉPIN
I
n the past 100 years Canada has faced 12 official recessions. As the pandemic stretches on to an unknown end, it appears more and more likely that we are facing our 13th recession. “The economy has definitely slowed down,” says René Babin, a financial advisor at Raymond James, “and I don’t think it’s going to turn anytime soon.” He says that since the start of the COVID-19 pandemic most people are spending significantly less money than they were a year ago. This results in a decreased GDP, or gross domestic product. Another indicator of a recession is unemployment. Unemployment rates in BC are higher than the 4.4 per cent they were in July 2019, according to Statistics Canada. In contrast, today’s unemployment rate is 11.1 per cent. This is a recent drop from 13 per cent earlier in the summer. The last recession to hit the Canadian economy was the 2008-09 financial crisis, caused mostly by the housing market in North America. The current situation is very different. “This time it’s a global pandemic,” says Colin White, a portfolio manager and founding partner at White-Leblanc Wealth Planners. “Nobody seems to be
LOOKING BACK: A RECESSION TIMELINE April 1929 – February 1933: Category 5 “The Great Depression” November 1937 – June 1938: Category 5 August 1947 – March 1948: Category 2 April 1951 – December 1951: Category 3 July 1953 – July 1954: Category 4 March 1957 – January 1958: Category 3 March 1960 – March 1961: Category 3 December 1974 – March 1975: Category 2 January 1980 – June 1980: Category 1 June 1981 – October 1982: Category 4 March 1990 – April 1992: Category 4 October 2008 – May 2009: Category 4 thecanadianencyclopedia.ca/en/article/recession
at fault.” “Many people saw that one (the 2008 collapse) coming,” René says. But the COVID-19 pandemic adds an element of surprise and uncertainty that no one could
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POWELL RIVER LIVING • September 2020 •
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