Why Was Canada Exempt From The Financial Crisis?

By Renee Haltom of Global Economic Intersection
Tuesday, April 29, 2014 10:22 AM EDT

As the worst financial crisis in generations hit the United States in 2007 and 2008, Canada was a pillar of resilience. No Canadian financial institutions failed. There were no government bailouts of insolvent firms (just a couple of lending programs to address market volatility relating to problems in the United States). Canada was the only G-7 country to avoid a financial crisis, and its recession was milder than those it experienced in the 1980s and early 1990s. For the last six years, the World Economic Forum has ranked Canada first among more than 140 countries in banking stability.

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Brenda Olsen • 9 years ago • Member's comment
Thanks for this interesting post. Canada is one of the most stable countries in the world. It has a lot of job opportunities for both local and foreigner applicants. When economic crisis arises, there comes bankruptcy, foreclosure, recession, food shortage, and rising unemployment rate. Saving some for the rainy days is very important.
Elane Holz • 10 years ago • Member's comment
Probably one good reason of it was Canada considered to be as progressive nation. Its great news that they are exempt from crisis, therefore their citizen there do not totally faced financial constraints. However, though you are not suffering financial crisis it doesn’t mean you also exempt from saving cash, of course you’re not exempt from it because you will be the one to get the good benefits of saving your money. How often have you wanted more info on where to find a payday loan, and resorted to an online search on "quick payday loans no credit check?"