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Harper says recession over only in technical sense
Reuters
OTTAWA -- The recession in Canada is only over in a technical sense because the recovery is extremely fragile and there are still problems in the job market, Prime Minister Stephen Harper said on Monday.
"We've got (Federal Reserve) Chairman (Ben) Bernanke and others saying the recession is over but I think that's only in a technical sense," Mr. Harper told a televised news conference in Guelph, Ont.
"As long as we continue to have challenges in the labor market that affect Canadian families on the ground, then I don't think we can truly say the recession is over. So I think the recovery, while it exists, is extremely fragile."
Meanwhile, Finance Minister Jim Flaherty said on Monday that
measures taken by Canada to stimulate the economy have a built-in exit strategy that will enable a return to balanced budgets over the medium term.
"Temporary measures will expire at the end of the two-year time frame outlined in the budget," Mr. Flaherty said in a speech in Gatineau, Quebec, across the Ottawa River from Ottawa.
"And, as the economy improves over the medium term, the government is committed to returning to balanced budgets through spending-growth restraint."
He said a group of experts is providing him with timely information on financing conditions facing businesses.
"I've asked that committee to keep the government up to speed on critical gaps in financing, and recommend solutions," he said.
http://www.financialpost.com/news-sectors/story.html?id=2016917