Not a Recession but North America is Slow in Economy: Finance Minister Jim Flaherty

Finance Minister Jim Flaherty said, “North American economy may be slow, but it won’t experience another recession". He also said at a news conference after vaunting Canada's strong economic performance at an international economic conference that” he don’t think that the risk is great”.

Flaherty said he's worried about the U.S. deficit and debt, continuing slowness in American real estate markets that reduce consumer confidence and sovereign debt in some European countries.

But, the government has accounted for these factors by moderately discounting the assumptions of private sector economists and building in a $1.5-billion per year risk factor in its budget unveiled on Monday. Canada’s Conservative government plans to balance its budget within four years by cutting $4 billion in spending.

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