Oliver says its too early to say if Canada’s in recession

Federal finance minister says the country is well positioned to weather an economic battering.

July 8, 2015
by The Canadian Press

VANCOUVER — Finance Minister Joe Oliver says it’s too early to tell if Canada’s economy has slumped into a recession.

Oliver says the country is well positioned to weather an economic battering but it is in a fragile environment with external factors like the price of oil and economic troubles in Europe.

He says the fact that American growth was down in the first quarter also undermines confidence for Canadian companies based on export potential.

The TD Bank said that Canada was likely in a recession in the first half of the year and it predicted that the Bank of Canada would cut its key interest rates next week.

In a speech to a crowd earlier at the Australia-Canada Economic Leadership Forum in Vancouver, Oliver said Canada must stay the economic course so as not to follow Greece.

He said he has faith that Europe will be able to sort itself out over the debt crisis in Greece.

© 2015 The Canadian Press

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