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Statistics Canada is reporting a 0.3 per cent increase in monthly GDP for July, on top of a (downward revised) 0.4 per cent increase in June. This will no doubt spark Conservative politicians, and many economists, to declare that the shallow recession which Canada experienced in the first half of 2015 is already over.
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Was there any concrete economic reason for Stephen Harper to call Stephen Poloz this week, as global stock markets continued their gyrations? And then to have his office subsequently issue a cryptic and rather foreboding statement about the conversation?
Of course, prime ministers and central bank governors talk to each other every now and then -- but these conversations, for obvious reasons, are rarely publicized. And since we are in an election campaign, the meeting was all the more odd.