Some economists may be calling for a recession but the federal finance minister has once again dismissed the assessment saying it’s too early to make that call. Joe Oliver spoke Tuesday at a meeting between Canadian and Australian delegates to discuss a mutual trade deal. He said that with the US economy growing and new investment in Canadian infrastructure there are reasons to be optimistic but he noted that external factors mean that Canada should continue with its current policies.

That could be taken as a sign that there will not be a cut in interest rates when the Bank of Canada meets next week despite the reports from Bank of America and TD Bank suggesting recession. Meanwhile former finance minister Paul Martin told the Star Phoenix: “We're going to find out if we're in one ... as soon as the next quarter's results are out. But if you look at the projections, they will tell you we are in a recession."

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