Jun 02, 2015
By Bob Komsic
Joe Oliver says he won’t talk about the prospect of a recession because he fully expects the Canadian economy will rebound in the second quarter or three months from April to June.
The federal finance ministers’ testimony Tuesday at a Senate committee comes less than a week after data showed the economy contracted by 0.6 % at an annualized rate in the first three months of the year.
Oliver’s expecting a bounce back as the Bank of Canada, International Monetary Fund and private-sector experts have all projected.
He says the government is still predicting a $1.4-billion surplus for 2015-16 despite the weaker-than-expected first quarters.
A recession’s typically defined as two or more consecutive quarters of negative growth.
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