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Today's top news stories for March 17, 2009.

Tuesday, April 7th, 2009

Professor: economy will get better ... eventually
ST. JOHN’S (CUP) " Looking over his graphs and charts, Wade Locke, an economics professor at the Memorial University of Newfoundland, predicts economic activity will pick up by the middle of this year.

When initially asked to give a speech by Memorial’s Alumni Association, Locke said he believed he would be speaking to a room of old men trying to figure out the future of Canada’s economy.

Instead he got a room of about 200 people looking for a sign things will get better.

Locke admitted he is not an expert in financial markets, but his research as of late has taken him to that area.

Based on all the data he has collected, he believes economic activity within the country will start showing signs of picking up by mid-2009.

But that does not mean unemployment will immediately fall.

“You and I will still see signs of the recession,” Locke said. “It’ll take some time for employment to pick back upwards " that could be 2010 or even later.”

He believes if this economic upturn happens, in four or five years things should be back to where they were before the start of the recession.

“In 10 years’ time this will be a faint memory for you. It’ll be an interesting conversation over coffee,” he said.

At the end of his speech, Locke came under fire from attendees who questioned the logic of believing the same economists who failed to predict the current recession.

“I believed six month ago things were going to be really positive [in Newfoundland],” he said.

“What we need to do is learn from this and come up with better theories.”
" Ian MacDonald,
The Muse
(Memorial University of Newfoundland)

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