Bloomberg News

Flaherty Says He Doesn’t See Need for Canada Stimulus

January 16, 2013

Canadian Finance Minister Jim Flaherty said he doesn’t see the need to introduce more stimulus measures because the economy will probably strengthen later this year.

“I don’t see the need for it quite frankly,” Flaherty told reporters in Ottawa. “We have adequate economic growth. The prospects for stronger economic growth later in the year and next year are good.”

Growth in the world’s 11th largest economy slowed to a 0.6 percent annual pace in the third quarter as exports fell the fastest since the end of the 2009 recession, and recent data suggest the expansion didn’t accelerate much in the fourth quarter.

Flaherty, speaking in Ottawa, said the modest growth projected by the government should be sufficient to return the country’s budget to balance by 2015 because of efforts to cut spending.

“That does not require dramatic growth, modest growth is sufficient with our fiscal track,” Flaherty said. “This takes into account of course that we are controlling our expenditures with some intensity.”

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net


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