Canada might suffer less than anticipated from U.S. economic slump
January 29, 2008 By Pulp & Paper Canada
LOS ANGELES, CA — While the Canadian economy soared last year on its high dollar and strong commodity prices, the …
LOS ANGELES, CA — While the Canadian economy soared last year on its high dollar and strong commodity prices, the U.S. economy lagged, and many economists now say the U.S. is either in a recession or close to one for the first time since 2001, The Brantford Expositor reported Jan. 19.
A U.S. recession would especially affect Canada’s manufacturing, because most of its exports of lumber, autos, machinery and petrochemicals are to the U.S.
However, Prime Minister Stephen Harper and Finance Minister Jim Flaherty have already warned of an expected slowdown in the Canadian economy, indicating that any major new tax cuts or spending programs in future budgets are unlikely.
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