Flaherty gives economic update
Posted Aug 20, 2011 9:26 am.
This article is more than 5 years old.
Finance Minister Jim Flaherty says the global economic turmoil will have an impact on the Canadian economy, but his budget remains on track.
The minister told the House of Commons finance committee that the fiscal results to date have been consistent with projections set out in the budget.
Flaherty was called to testify before the committee after two weeks of frenzied trading on stock markets.
Mounting government debts in several European countries- including Greece, Italy and Spain- have been worrying global investors.
There are also fears that the slumping American economy will squeeze the Canadian economy and undermine the government’s deficit-fighting plan.
Bank of Canada governor Mark Carney is also expected to testify before the committee.
