Canada’s Economy To See Moderate Growth In 2012

11 April 2012 06:00am - Florence Fullalove

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Canada’s Economy To See Moderate Growth In 2012

Jim Flaherty, Canada’s Finance Minister, said that he expects Canada to post moderate growth in 2012, saying that the country’s recovery remains fragile. He also said that the situation in Europe still poses a considerable threat to the global economy.

In terms of the housing market Flaherty said, “I have no present plans to intervene in the housing market in Canada.” He added, "There has been some moderation in the market of late. I would prefer the market itself to correct to the extent a correction is necessary.” The government coupled with the central bank have been cautioning Canadians of the consequences of taking on too much debt, mostly though mortgages as interest rates are low and home prices are high.

Flaherty said Canada should post moderate growth this year, which was the basis for the government’s recent budget. Recent good news was seen as the economy added an unexpected 82,000 jobs in March, the most since 2008 and the unemployment rate fell to a six month low of 7.2%. Flaherty said, “If we get stronger growth, that’s terrific, but remember the economic recovery is fragile.” He added, “There are serious issues that persist in Europe, particularly with respect to Spain.” He is referring to a weak auction of Spanish bonds which renewed concerns over the debt crisis in Europe.

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Related Links:
• Department of Finance Canada
Jim Flaherty in a panel discussion
• Bank of Canada
Canada's central bank
• Related News
Canada’s Economy Adds 82,300 Jobs

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