Don’t be fooled. Canadians ought to be deeply concerned about the economy

Given the sensational media headlines hyping Canada’s recent economic growth, it’s hard to blame Canadians for being complacent. “Canada’s economy steamrolls ahead – 4.5 per cent annualized rate of expansion” declared The Globe and Mail. “Canada’s economy blows away forecasts with 4.5 per cent growth” proclaimed the National Post. These headlines may leave Canadians feeling positive and optimistic, particularly in light of the Bank of Canada’s decision to hike the benchmark interest rate on Wednesday, the second time in three months. But all the enthusiasm is masking serious economic storm clouds.

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