Canada has recovered recession jobs, losses
Canada, 20th August: According to Jim Flaherty, Canadian Finance Minister, Canada already has recovered recession losses and jobs.
The economy of the nation has emerged stronger from the economic recession than even the most advanced nations of the world, the minister was quoted. The Canadian economy is above the global economic weight.
The economy of Canada is faring much better than majority of advanced nations and almost all the G7 nations while taking into consideration several major factors like economic growth, creation of jobs, financial sector’s stability and quite low level of public debt, added Flaherty.
The loss of jobs in Canada due to global economic slowdown has been immense, but it has already recouped almost all of the jobs lost during the global recession.
Hence, the nation is likely to become not just the fastest growing nation among the G-7 group but also get the second fastest development in the year 2011, Canadian finance minister maintained.
The global economic slowdown has threatened several economies in the world and left an indelible mark on the finance markets. However, Canada has been drawing the out the route to recovery from this global financial crisis, said Flaherty who was addressing the annual Couchiching Summer Conference at Orillia, Ontario.
The neighboring US economy struggled hard to come to terms with the piling credit crisis in the nation, while Canada continued to remain quite balanced. As of now, Canada has already paid down its debts, the finance minister added.
The net debt ratio of Canada will be cut to get the budget balanced once again. And the temporary stimulus of Canada will be ended in March 2011 while new measures will be implemented to find out savings, Flaherty said.
Canada’s current growth rate of 3.5 percent is going to give an edge over the government and consumer spending of the US, Japan and the euro zone.
And the most noticeable and significant recovery has been in the jobs in Canada. Since July 2009, a total of 40,000 new jobs have been created in Canada, that’s the exact number of jobs lost in the economic slowdown.
Canada will keep on pushing for realistic and firm consolidation for reduction of debts and deficits and for achieving a greater international stability, Flaherty summarized.