Toronto, May 31, 2011

Archived - Government on Track as It Prepares to Deliver the Next Phase of Canada’s Economic Action Plan

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The Honourable Jim Flaherty, Minister of Finance, today met with Canada’s leading private sector economists to gather their views on economic prospects for the country. The economists confirmed the Government’s economic planning assumptions remain on track.

“Our Government is focused on completing the economic recovery, and Canadians have strongly endorsed our commitment to jobs, growth and the Next Phase of Canada’s Economic Action Plan,” said Minister Flaherty after meeting with the economists.

“While our economy grew solidly in the first quarter of this year, the global economic recovery remains uncertain. The Next Phase of Canada’s Economic Action Plan will ensure we stay at the forefront of economic growth and job creation while we work to return to budget balance by 2014–15.”

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.

In March 2011, the Department surveyed 15 leading private sector forecasters.

With economic developments in Canada unfolding broadly as expected since March, the economists agreed that the average economic forecast provided in March remains a reasonable basis for fiscal planning for the June 6 budget.

“The June 6 budget will provide fiscal projections based on the March private sector forecasts,” said Minister Flaherty. “Canadians have worked hard to achieve this economic recovery, and we are demonstrating the Government’s commitment to this goal by quickly reintroducing the Next Phase of Canada’s Economic Action Plan.”

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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