Invest in Canada

Flaherty tries to ease public’s economic worries

by investor on 30/05/08 at 3:30 pm

As provincial and territorial finance ministers sat down for meetings with their federal counterpart on Thursday, Jim Flaherty tried to ease the public’s worries about the economy.

A Harris-Decima for Investors Group survey suggested that consumer confidence is at its lowest level since the fall of 2001.

Flaherty told CTV Newsnet’s Mike Duffy Live Thursday evening that economic problems south of the border are having a negative impact on the Canadian economy.

“Certainly, there’s a recession in U.S. housing. Unfortunately, that affects Canada quite dramatically, particularly in the auto sector and in the forestry sector. Canada is not an island,” the federal finance minister said.

But Flaherty also said Thursday that he’s optimistic about the Canadian economy.

He told CTV’s Canada AM earlier that Canadians are becoming worried about their own economic situation because they’re watching media reports about what appears to be a declining U.S. economy.

“I encourage Canadians to look at home here at how well we’re doing with our solid economic fundamentals and have confidence in our economy here in Canada,” Flaherty said.

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