CHART: The path of the loonie Finance Minister Jim Flaherty says he's not expecting a recession in Canada, but will be flexible on the issue of stimulus spending if conditions worsen.
Flaherty made his comments Tuesday at a news conference in Ottawa after meeting with private sector economists to consult on their expectations for growth.
How well both European and American politicians deal with their respective debt problems will have implications for Canada, the minister said.
"But tomorrow, there could be quite a gloomy day if the Europeans … cannot come up with a rescue plan that will satisfy the world and particularly investors who are looking at this with great trepidation," he said.
"Canada is not immune to those recent global pressures and they will continue to limit growth in Canada for the remainder of this year and in 2012," Flaherty said.
Earlier Tuesday, the bank said the economy likely expanded at a modest 2.1 per cent — most of it in the first quarter — and will fare even worse at 1.9 per cent next year.
Slower growth will make it more difficult for Canada's 1.4 million unemployed to get work and lower the 7.1 per cent national unemployment rate.
Asked directly if 2014-15 was still the target for returning to balance, as promised in the spring election, Flaherty avoided a clear date, preferring to use the more generic "medium term" for a goal.
Flaherty said the federal government will release a new fiscal update in the coming weeks with a revised outlook for the national economy.
Air Canada is withdrawing its court challenge of an arbitrator's ruling on a key pension deal that was part of a binding agreement with the union representing service workers.
The sister-in-law of one of Robert Pickton's victims says a missing-person's report she filed with Vancouver police sat in a filing drawer for years without officers taking any action on the document.
Ontario jurors saw for themselves today how the bodies of three teenage sisters and another family member looked suspended in water in a car at the bottom of a canal.
Up to 18 million tonnes of tsunami debris floating from Japan could arrive on British Columbia's shores by 2014, according to estimates by University of Hawaii scientists.
Finance Minister Jim Flaherty says he's not expecting a recession in Canada, but will be flexible on the issue of stimulus spending if conditions worsen.
Finance Minister Jim Flaherty says he's not expecting a recession in Canada, but will be flexible on the issue of stimulus spending if conditions worsen.
Shares of Coventree Inc. closed with a gain of nearly 30 per cent on Tuesday after the firm said the Ontario Securities Commission is seeking $16.5 million in combined costs and penalties from both the company and its co-founders.
Europe's widening debt crisis took a new turn Tuesday, one that saw Italy's controversial leader Silvio Berlusconi fighting for his political life.
Oct 25, 2011 4:20 PM ET Oct 25, 2011 3:35 PM ET Oct 25, 2011 3:11 PM ET Oct 25, 2011 4:32 PM ET Oct 25, 2011 3:11 PM ET Oct 25, 2011 3:35 PM ET Oct 25, 2011 4:
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