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Minister of Finance Comments on Canada’s Second-Quarter Economic Activity

TORONTO, Ontario, August 31, 2011 — The Honourable Jim Flaherty, Minister of Finance, commented on Canada’s economic growth data today during a tour of the Ryerson University School of Image Arts.

“As anticipated, the data published today show that the Canadian economy is still very fragile,” said Minister Flaherty. “As we all know, global economic growth has been weak in recent months and as a trading nation, we must recognize that turmoil abroad will inevitably have an impact on our economy.

“As I mentioned a few weeks ago at the Finance Committee, the Government adopted prudent planning assumptions in Budget 2011 by adjusting down the level of nominal GDP projected by private sector economists by $10 billion,” continued Minister Flaherty. “As a result, fiscal results to date have been broadly consistent with the conservative 2011–12 projections set out in Budget 2011.

“We are in a period when the global economic recovery—especially in the U.S. and Europe—is fragile and growth will be modest. That’s why our Government is focused on creating jobs and growth. We have to stay the course with the Next Phase of Canada’s Economic Action Plan and our plan to return to balance to support our recovery.

“The good news in today’s data release is that our domestic economy remains strong, with consumption, and particularly business investment, continuing to expand.”

Minister Flaherty made the comments while touring a 14,000-foot expansion of the Ryerson University School of Image Arts. The Government of Canada invested $16.45 million in the refurbishment of the building, while the Province of Ontario provided matching funding for the $32.9-million project

“As part of Canada’s Economic Action Plan, through the Knowledge Infrastructure Program, we invested $2 billion in labs, research and training facilities at universities and colleges to create jobs, strengthen our economy, and improve the quality of life of Canadian families,” Minister Flaherty said.

“Our plan, and these types of investments, have allowed Canada to weather the recent economic storms in better shape than our industrialized world colleagues.”

News source: Department of Finance


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