Difficulties in global economy persist – Canada finmin


Reuters | Tue May 18, 2010 | 3:23pm IST

Canadian FinMin Jim Flaherty Canada’s finance minister said on Tuesday that recovery in economies battered by the global downturn remains fragile, with Europe’s difficulties reminding of the need for caution. "We need to be very conscious that we have been through a very difficult time, and the difficult time is not yet clearly behind us," Jim Flaherty said in a speech to a business group in Mumbai.

"The recovery that we have seen in those countries that went through a recession, including Canada, is a fragile recovery. There are indications of recovery, but no clear indications of an entrenched recovery," he said. Flaherty said next month’s meeting of the Group of 20 economies would include discussions on fiscal consolidation and financial sector reform. "We also expect discussions to turn towards exit strategies and much-needed fiscal reforms," he said.   

Canada is host of next month’s Toronto summit of the G20, a grouping that gathers major developed and emerging economies representing about 80 percent of global gross domestic product. "The event is an important event, particularly in light of some of the continuing challenges that we have globally and in Europe now, related to the euro and other issues related to sovereign debt in some countries," he said.

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