The Honourable Jim Flaherty, Canada’s Minister of Finance, delivered the annual Fall Economic Update, or more formally; the Update of Economic and Fiscal Projections, to a business luncheon in Fredericton, New Brunswick on November 13, 2012. The Minister used this opportunity to highlight the fact that though Canada continues to be on track for modest economic growth and a balanced budget in the medium term, the Canadian economy is not immune to outside global forces. These forces, coupled with elevated levels of household debt domestically, have prompted the Government of Canada to revise its previous fiscal projections.
Key Highlights -
- Compared with most advanced economies, Canada is in a relatively strong position. For example, Canada’s performance on job creation over the economic recovery period has been the best in the Group of Seven (G7). Additionally, Canada has recovered economic output to levels prior to the global recession.
- Canada is not immune to risks coming from outside its borders. Specifically, these are the sovereign debt and banking crisis in the euro area, a relatively modest economic recovery in the United States, and the so-called American “fiscal-cliff,” or fiscal contractions which could take place as of next year should legislated expenditure reductions and tax increases come into effect in the United States.
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