Chief
Economist Predicts a Stronger Economy
For Release: March 12 , 2002
(Wolfville,
NS) - Never
underestimate the power of sound economic principles.
That
was one of the messages delivered by Dr. Tim O’Neill, the guest
speaker of the 2002 Bank of Montreal Lecture, held March 7th
at Acadia University. Dr. Tim O’Neill, who is the Executive
Vice-President and Chief Economist for the Bank of Montreal,
discussed the effects of the events of September 11th on
current economic conditions and on the ability to forecast economic
trends in the future.
“Through
consumer confidence and strong economic principles, the North
American economy is rebounding, and will only get stronger,” said
Dr. O’Neill to a capacity crowd at the Beveridge Arts Centre.
In
a provocative and wide-ranging presentation, Dr. O’Neill covered
such topics as the current economic recovery, foreign markets, the
strength of the Canadian dollar, and how to assess economic
“shocks,” such as the events of September 11th.
Dr.
O’Neill indicated that Canada did not actually experience a
recession in 2001, with only one quarter of negative growth, more
jobs created than lost, and an accelerated housing market. While the
psychological and political impact of September 11th will
be lasting, according to Dr. O’Neill, “the economic impact was
short and relatively modest. Even those industries most affected
(tourism, trucking, airlines) have begun to recover. Low interest
rates and better tax policy helped Canada avoid the recession
similar to that of the early 1990s, and bodes well for our economic
future.”
Dr.
Michael Leiter, Acadia’s Vice-President (Academic), was pleased
that Acadia was able to have such a respected economist agree to
present the lecture. “Dr. O’Neill brings a unique and well
rounded perspective to economic issues, and his optimistic approach
to the future of the Canadian economy is refreshing,” said Dr.
Leiter.
Appointed
to his current position in 1994, Dr. O’Neill joined the Bank of
Montreal in 1993 as Senior Vice-President and Deputy Chief
Economist. Prior to joining the Bank, he held the position of
President of the Atlantic Provinces Economics Council from 1988 to
1993. Dr. O’Neill also taught in the Department of Economics at
St. Mary’s University in Halifax for 12 years. He served as a
consultant to several provincial governments and to the Canadian
federal government. Dr. O’Neill is a native of Sydney, Nova
Scotia.
The
lecture was sponsored by the Bank of Montreal and presented through
the Office of the Vice-President (Academic), the Fred C. Manning
School of Business Administration, and Department of Economics.
-30-
For more information contact:
Sheri Woodland
Communications Manager
Office of Public Affairs
Acadia University
(902) 585-1362
Acadia
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