Canada'S Economy May Fall Into Recession

Canadian Finance Minister Flaherty said 23, Canada's economy may have entered the recession stage just like other major developed economies.

Flaherty said in an interview with Canadian television network on the same day: "the Canadian economy will probably have slight negative growth in the end of this year and the first quarter of next year.

Technically, this will mean a recession. "

Prior to this, Canada's top three commercial bank executives and President of the Central Bank of Canada Mark Carney also predicted that the Canadian economy will go into recession.

Mr frederti will submit a budget amendment plan to Parliament at the end of this month.

In this regard, he said in an interview that this fiscal year (as of March next year) Canada's fiscal deficit will be high.

At the time of private sector layoffs, the government will try to control the pay increase of civil servants.

In the next fiscal year, the government may introduce other measures to stimulate economic growth in addition to the announced tax cuts.