from Casey Research:
Major world economies are slipping into recession…
Canada officially entered a recession on Monday. (A recession is when an economy shrinks two quarters in a row.)
Its economy shrunk 0.8% in the first quarter…and another 0.5% in the second quarter.
The oil crash is hitting Canada hard. A barrel of oil costs less than half of what it did a year ago. Oil makes up 27% of Canada’s exports.
Brazil is in a recession…
Brazil is in its worst economic downturn since the 2008 financial crisis.
The country’s stock exchange has fallen 26% over the past year. The Brazilian real has plummeted 36% against the US dollar in the past year, too.
Brazil is the world’s seventh-largest economy and its second-largest iron ore exporter. Plunging demand for commodities like iron ore is slamming Brazil. The price of iron ore has plummeted 70% from its 2013 peak.
• Australia could be headed for its first recession in twenty-five years…
Last quarter, Australia’s economy barely grew. Its GDP growth was just 0.2%…less than half of what economists expected. And the Australian dollar has plummeted 22% against the USD since last September.
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