Government of Canada Economic and Fiscal Statement

Growing evidence suggests that the U.S. and several other major economies are now in recession. According to Stephen Harper, Canada has weathered this downturn better than virtually any other industrialized country. However, his failure to address key economic issues in this report has led to a loss of confidence in his abilities in the House of Commons.

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As reported by the Department of Finance Canada: Domestic demand in Canada has continued to grow at a reduced but solid pace andemployment has continued to expand. However, Canada is not isolated from global developments, and the consensus among private sector economists is that Canada will experience a technical recession inthe coming months.

Moreover, the uncertainty and risks surrounding the economic outlook are
greater than usual. Given the weakness in the U.S. economy and heightened
global financial market turmoil, the balance of risks to the Canadian economic
outlook is clearly to the downside.

Canada is facing this period of uncertainty from a position of relative strength,
reflecting the soundness of Canadian financial institutions and the strong
financial positions of households, corporations and governments.