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Finance Minister says it's too soon to tell is Canada in recession

Staff writer ▼ | July 8, 2015
Finance Minister Joe Oliver says it’s too early to tell if Canada’s economy has slumped into a recession.
Joe Oliver
Canada   Finance Minister Joe Oliver about 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 threatening a global slowdown, Global News reports.

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

Statistics Canada said last week the economy shrank 0.1 per cent in April, the fourth monthly decline in a row – raising the odds that Canada could post back-to-back quarters of negative growth, the technical definition of a recession.

The monthly reading combined with other dismal indicators provoked TD Bank to suggest on Monday that Canada was likely in a recession in the first half of the year. TD predicted the Bank of Canada would cut its key interest rates next week.