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Finance Minister Bill Morneau shoots down speculation Canada on cusp of recession

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“That would be technically wrong and certainly not in line with our expectations.,” he says, adding economy will pick up in second quarter

Canada is not currently in a recession, nor is it heading for one, Finance Minister Bill Morneau said on Wednesday, quickly dispelling a notion that experts and economists alike have begun to contemplate.

Economic growth in Canada was almost non-existent in the fourth quarter of 2019, due to a collapse of oil prices and a continued decline in housing and business investment. “We’re expecting…that we will have a return to growth at expected levels in the second quarter and our long-term forecasts are positive,” Morneau said in Toronto at a breakfast event for members of the Canadian Club Toronto, the Empire Club of Canada and the Toronto Region Board of Trade.

Gluskin Sheff chief economist David Rosenberg has also said that recession is “unavoidable” this year and that if Canada isn’t already in one, it’s one rung away on the ladder.

 

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