Former PM Paul Martin says Canadian economy likely in recession – Regina Leader-Post
July 7, 2015
REGINA — With the economy posting negative growth in the first four months of the year, some economists say Canada is heading into a recession. But Finance Minister Joe Oliver says the country is still on course to post two per cent GDP growth in 2015.So is Canada entering a recession and, if so, is there anything the government can do about it? As a former finance minister and prime minister, Paul Martin is uniquely qualified to answer both of those questions.
“Recession is a technical term,’’ said Martin, referring to the definition of a recession as two consecutive quarters of negative growth. “And we’re going to find out if we’re in one … as soon as the next quarter’s results are out. But if you look at the projections, they will tell you we are in a recession.’’
For Martin, who was in town Monday attending federal Liberal Party meetings, the more important questions are: “What should we do about it, and what should we have done about it.’’
