Federal finance minister Joe Oliver told a Senate committee Tuesday that he wouldn’t be discussing the prospect of a recession because he doesn’t believe there will be one. Mr Oliver said that his forecast is for the Canadian economy to grow this year even following the disappointing GDP data last week which showed a 0.6 per cent contraction. The Bank of Canada, IMF, Conference Board and others are also predicting growth overall but with some regional differences. The finance minister noted the BoC expectation of 1.9 per cent growth this year and the government is still predicting a surplus of $1.4 billion for the 2015-16 fiscal year.
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