The Current

Canada's economy is off to a rough start in 2016

The Canadian economy is off to a rocky start this year. The confluence of the plunging loonie, slumping oil prices and global economic volatility has some economists warning Canadians tough times are ahead. But not all economists are over-reacting to bad news.
Traders work on the floor of the New York Stock Exchange (NYSE) shortly before the closing bell in New York January 4, 2016. U.S. stocks tumbled on Monday, putting the Dow on track for its worst start to a year since 1932 after weak Chinese economic data fanned fears of a global slowdown. (Reuters/Lucas Jackson)

Well, 2016 is still such a new year that your resolutions may still be intact... but from an economic standpoint, it's getting old fast.

Wall Street just weathered its worst five-day start to a year in history. Trading got so bad in China that the government stepped in to halt it, twice. 

And here in Canada, last week the dollar hit its lowest mark against the U.S. dollar in 12 years.

Of course that 71-cent dollar is something all Canadians will be feeling at places such the grocery store, and at the food bank.   

We purchase in excess of a million dollars worth of food. So when our dollar begins to drop, we can buy less food with our money.- Gail Nyberg of Toronto's Daily Bread Food Bank

From food-banks to Canada's lucrative film shoots, the ripple effects of economic change are being felt across Canada.

  • Sheila Block is a senior economist with the Canadian Centre for Policy Alternatives of Ontario.
  • Craig Alexander is the Vice-President of economic analysis at the CD Howe Institute.
  • Rob Carrick is the Globe and Mail's personal finance columnist.

How are you feeling about your economic prospects in 2016?

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This segment was produced by The Current's Julian Uzielli.