Optimism? In MY economic crisis?

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Ok, granted, it's only one province out of the sixty North American provinces and states that actually are worth talking about (sucks to be you, Mexico), but apparently, not everyone is seeing doom and gloom ahead (Translated from the french by Mwa):

The Economy May Hold Together (La Presse)

A certain optimism may still be in order with regard to the economy of Quebec, despite the mounting clues showing that the world economy, including the Canadian one, is now in a recession.

If Quebec economy should know a second trimester of contraction in a row this winter, it is only due to lowering exportation. "It's the weak link in the current cycle, and may cause a light recession", writes Helene Begin, chief economist at Desjardins*, in an economic update published yesterday.

Unlike the major recessions of the early 1980s and 1990s, the average households should be only minimally affected.

The Desjardins economist point out the resilience of the job market. In November, the employment rate stood at 7.1%, far below the 15.8% of August 1982, or the 14.2% of November 1991.

In addition, consumers spending, which represent about 60% of the economy, will take advantage this year o new federal and provincial tax reductions worth about two billions.

More than any of this, what distinguishes the current period from previous recessions is the low interest rates, which may drop further.

Finally, the Québec infrastructure program, the various investments of Hydro-Québec**, and the still relatively high level of new construction projects remain the best warranties of a an increase of internal demand.

On the risk side, there is the market crash, and the level of trust in the economy of the households. There is also the severity of the American recession, which is dragging the world economy down with it.

(the rest of the article deals with Canada-wide perspectives. About the only Québec-relevant element is the mention that raw material prices are dropping, which will affect Québec somewhat).

*That's one of the top bank/financial institutions in Quebec.
**The people in charge of electricity in Québec, particularly hydro-electricity.