Jim Flaherty, Canada’s Minister of Finance, released updated economic growth projections for Canada on Tuesday after meeting with 15 top private sector economists.
The debt crisis in Europe, coupled with uncertainty in the United States, have lead to slow global growth. Canada, though fairly resilient in the post-recession era, is also beginning to feel the effects. “As we all know, although our domestic economy remains strong, global economic growth has weakened in recent months, and this will affect us here in Canada,” said Flaherty.
According to Flaherty, the economists surveyed see slow economic growth in Canada through 2012 as these global issues continue. Their forecast will form the basis of Canada’s annual Update of Economic and Fiscal Projections, due out in the coming weeks.
Nevertheless, Flaherty insists the Finance Department will keep Canada on the right track in the long term. “We have a plan to keep Canadians and Canadian businesses on the right track to succeed with the Next Phase of Canada’s Economic Action Plan,” he said. “We need to stay the course with that plan to support jobs and economic growth. In doing so, our government remains committed to balancing the budget in the medium term.”