28 January 2009

IMF: Cons' rosy projections unreal

The International Monetary Fund defies the picture painted yesterday in the Conservatives' budget and that painted earlier in the week by Mark Carney, governor of the Bank of Canada. Au contraire, according to the IMF,

Canada will indeed fall into a recession this year, with a 1.2 per cent contraction similar to that projected by both the Finance Department and Canada's central bank. But the IMF sees Canada's economy remaining in the dumps in 2010 with a 1.6 per cent advance, which barely gets it back to where it was before the slump began.

Finance Minister Jim Flaherty and bank governor Mark Carney have projected a much stronger rebound.

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