What re­ces­sion? Joe Oliver says Canada was not in down­turn ear­lier this year

Asian Journal - - Nation -

Toronto: Fi­nance Min­is­ter Joe Oliver says the coun­try was not in a re­ces­sion in the first half of the year de­spite eco­nomic data to the con­trary. In an in­ter­view with The As­so­ci­ated Press, Oliver said there was an eco­nomic con­trac­tion mainly con­fined to the energy and re­source sec­tor, but he doesn’t be­lieve there was a re­ces­sion in the first two quar­ters of 2015. “We don’t be­lieve that the econ­omy was in fact in a re­ces­sion,’’ Oliver told the news agency. “We’re re­ally talk­ing about a con­trac- tion in the energy and re­source sec­tor of the econ­omy, which is less than 20 per cent of the econ­omy. Granted there is a spillover but the other 80 per cent was grow­ing.’’

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