" In retrospect, the most surprising development in Canada’s economy last year was not that a surge in oil prices or the bursting of the American housing bubble failed to dampen growth, according to a year-end review of the economy.
Instead, the surprise was that so many people continued to underestimate the ability of Canadians to react and adapt to fast-changing or unexpected circumstances, the review suggests.
The theme that really stands out is the adaptability of Canadians faced with rapid changes in their economy, it concludes. The most dramatic example of this was the increased migration of people to oil-rich Alberta during the past year.
The study, published today in the online edition of Canadian Economic Observer, concludes that Alberta’s dominant role in economic growth was the biggest economic story of the year.
Going back several years, the economy has been hit with a number of shocks which in the past could well have triggered a slowdown or even recession. Instead, growth has been remarkably stable since 2003."
Source: Canadian Economic Observer
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