Finance Minister says it's too soon to tell is Canada in recessionStaff writer ▼ | July 8, 2015
Finance Minister Joe Oliver says it’s too early to tell if Canada’s economy has slumped into a recession.
Canada Finance Minister Joe Oliver about recession
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. ■