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Strategies & Market Trends : The Bird's Nest

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From: clutterer	3/26/2009 10:09:47 AM
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Canada Economy to Shrink, Deficits to Grow, Page Says (Update1) Share \| Email \| Print \| A A A By Greg Quinn and Theophilos Argitis March 25 (Bloomberg) -- Canada’s economy will shrink at an 8.5 percent annualized pace in the first quarter, and the deepening recession will add C$9.5 billion ($7.7 billion) to federal deficits over the next two years, the head of Parliament’s budget office said today. The first-quarter drop in gross domestic product will be the biggest since at least 1961, Kevin Page said today in testimony to the House of Commons Finance Committee in Ottawa. Output will contract at a 3.5 percent rate in the second quarter of 2009, he said. Finance Minister Jim Flaherty on Jan. 27 predicted deficits of C$33.7 billion for the 2009-2010 fiscal year and C$29.8 billion for 2010-2011. Page said those figures will instead be about C$38 billion and C$35 billion for the next two years, respectively. Lower tax revenue will lead the wider shortfalls, he said. “Recent economic data and the Parliamentary Budget Office’s updated survey of private sector forecasters suggest a further significant deterioration in the outlook for the Canadian economy relative to budget 2009 fiscal planning assumptions,” Page said. The country’s recession will now be deeper than the last two in the 1980s and 1990s, he said.

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