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16 + WATERLOO CHRONICLE + Wednesday, January 23, 2008 [Regstered rademaiks of Boston Preza Aoyalies Limied Parmersh. used under tcense. © Soston Paza intarnatonal inc. 2005 Visit Waterloo‘s Boston Pizza during January and February 2008 To help us raise money for 597 King St. N., Waterioo 519â€"880â€"1828 KidS®Ability The rising Canadian dollar, declining American demand and emerging forâ€" eign markets conspired for a volatile and turbulent 12 months. However, despite these challenges, prospects at yearâ€"end appeared relatively stable. n previous columns, we noted with later, Goldman Sachs announced they Imme relief that 2007 was coming to _ expected the American economy to a close for Waterloo Region manuâ€" s cugers Developments from the initial few weeks of 2008 have cast a shadow on that optimism. The bad news is, depending on the source, the United States in either now in a recession (two consecutive quarters of negative growth) or dangerously close. The good news is, in Canada, while the economy is expected to decelerate, the threat of a recession does not appear as signifiâ€" Economic forecasts for 2008 look interesting A further indication of growing American concern over a recession was evident last week when President George W. Bush called for approximateâ€" ly $145 billion in tax relief and other measures to improve the domestic economy. The president‘s proposal encompassed "direct and rapid" tax relief aimed at increasing consumer spending for an immediate adjustment to declining indicators. unemployment level and a contraction in the gross domestic product. .