How was the Recession significant?
The worst recession since the Great Depression began. This was the lead to high unemployment and massive government. Jobs were lost to mechanization in industry. During this period Canada changed from a country producing and exporting primary products to one that produced and exported manufactured goods. This topic affected our country economically because so many people had so little money. A brief recession occurred in 1980. Globalization meant that Canadian firms had to down-size their workforce in order to stay efficient and compete internationally. Important industries including steel manufacturing and automobiles experienced a downhill from which they did not recover through the recession. Many of the economic sectors that supplied these basic industries were also hit hard. The recession had a major effect on financial institutions such as savings and loans and banks. It took almost four years for the number of full-time jobs to be restored.