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Going South for the Winter
Warren Jestin
SVP & Chief Economist
Ontario Energy Association
Breakfast Speakers\u2019 Series
January 28, 2009
Toronto
The Global Economy Downshifts
-2
-10123456789
10
11
U.S.
Euro-
zone
Canada
Japan
2004-07
2008f-10f
G7 Growth Stalls
Real GDP, annual average % change
-2
-1
0123456789
10
11
Mexico
Brazil
India
China
2004-07
2008f-10f
Growth Leaders Gear Down
Real GDP, annual average % change
The U.S. Economy\u2019s Protracted Convalescence \u2026
0369
12
15
02
03
04
05
06
07
08
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
months\u2019 supply
Housing Starts
(RHS)
mn units
Housing Starts & Inventories
-3.0
-1.5
0.0
1.5
3.0
4.5
02 03 04 05 06 07 08 09 10
Consumption & Employment
annual y/y % change
Real
Consumptionforecast
Inventories (LHS)
Employment
Growth
of 00

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