Toronto, March 11, 2011
Archived - Harper Government on Track as It Prepares to Launch the Next Phase of Canada’s Economic Action Plan
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The Honourable Jim Flaherty, Minister of Finance, today met with 12 of Canada’s leading private sector economists to discuss their economic outlook for the near to medium term.
The economists agreed that the average economic forecast from the Department of Finance’s March survey of the economists is a reasonable basis for the updated economic and fiscal forecast that will be presented to Parliament as the next phase of Canada’s Economic Action Plan.
“Our Government’s top priority remains the economy,” said Minister Flaherty after meeting with the economists. “This survey confirms our Government’s economic planning assumptions remain on track.”
“While economic developments have been better than expected recently, the global economic outlook remains uncertain. As we transition to the next phase of Canada’s Economic Action Plan, measures in the budget will continue to encourage growth and we will carefully manage government spending in order to balance the budget in the medium term.”
Since Budget 1994, the Department of Finance has used the average of private sector economic forecasts as the basis for fiscal planning. In producing its forecast for budget planning, the Department surveys private sector economists for their views on the main economic variables, such as gross domestic product, the unemployment rate and interest rates.
“The March 22nd budget will provide fiscal projections based on the private sector forecasts discussed today,” said Minister Flaherty. “The next phase of the Economic Action Plan will build on the economic success that Canadians have achieved and will continue to focus on creating more jobs and growth.”
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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