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Manley-Canada Needs Steady U.S. Economic Recovery
Fri Sep 27, 3:45 PM ET
By Mark Wilkinson
WASHINGTON (Reuters) - While Canada's economy fared better than that of the United States during the recent slowdown, risks still remain if America fails to recover steadily, Canada's finance minister said on Friday.
John Manley, in Washington to meet with his Group of Seven counterparts, told reporters that "lots of uncertainties" remain in the global outlook, and there was "no assurance" Canada would remain immune to the slowdown in the United States.
"With 85 percent of our exports going to the United States, there is no question that we will be affected if the U.S. economy doesn't recover steadily," he said.
The Canadian economy was the leading performer among the seven leading industrialized nations during the global slowdown of 2001, and is poised to be the top performer again this year and next, according to the International Monetary Fund ( news - web sites)'s latest World Economic Outlook.
The IMF earlier this week said the Canadian economy should grow 3.4 percent this year and next, versus a more tepid 2.2 percent for the United States this year and 2.6 percent in 2003.
During the slowdown of 2001 Canada's economy grew 1.5 percent and is the only country in the G7 to record a budget surplus this year, which it has run continuously since 1997.
Despite questions surrounding a possible social spending plan that Prime Minister Jean Chretien could implement before leaving office, Manley said Canada would not run a budget deficit next year.
NORTHERN TIGER
But the future performance of what Manley dubbed "The Northern Tiger," in reference to the so-called Tiger economies in Asia, is still in question as the Canadian dollar's performance remained less than impressive.
While the currency dipped to a record low against the U.S. dollar in January, it has fueled Canadian exports and helped the country through the slowdown.
But speaking in New York on Thursday, Manley said he was focused on fostering solid growth rather than pursuing a strong-dollar policy. The minister added there was "not much I can do" to affect foreign exchange rates.
Some also believe the Bank of Canada, the first G7 central bank to raise interest rates since the downturn, has taken away too much economic stimulus too soon, while analysts believed the Federal Reserve ( news - web sites) might slash rates again in the coming weeks.
The BoC has raised its rates by 75 basis points since April, but left them unchanged at its last rate-setting meeting earlier this month.
Manley will be discussing the global outlook and its current uncertainties, as well as the economic plight of Latin America and trade with other finance ministers of the G7.
He told reporters that on the issue of trade liberalization, he would like to see the United States "walk the talk," citing the recent U.S. farm bill that substantially increased agricultural subsidies.
"There is a strong commitment to liberalizing trade on the part of the (U.S.) administration ... but it would be nice to see some action," Manley said.
Fri Sep 27, 3:45 PM ET
By Mark Wilkinson
WASHINGTON (Reuters) - While Canada's economy fared better than that of the United States during the recent slowdown, risks still remain if America fails to recover steadily, Canada's finance minister said on Friday.
John Manley, in Washington to meet with his Group of Seven counterparts, told reporters that "lots of uncertainties" remain in the global outlook, and there was "no assurance" Canada would remain immune to the slowdown in the United States.
"With 85 percent of our exports going to the United States, there is no question that we will be affected if the U.S. economy doesn't recover steadily," he said.
The Canadian economy was the leading performer among the seven leading industrialized nations during the global slowdown of 2001, and is poised to be the top performer again this year and next, according to the International Monetary Fund ( news - web sites)'s latest World Economic Outlook.
The IMF earlier this week said the Canadian economy should grow 3.4 percent this year and next, versus a more tepid 2.2 percent for the United States this year and 2.6 percent in 2003.
During the slowdown of 2001 Canada's economy grew 1.5 percent and is the only country in the G7 to record a budget surplus this year, which it has run continuously since 1997.
Despite questions surrounding a possible social spending plan that Prime Minister Jean Chretien could implement before leaving office, Manley said Canada would not run a budget deficit next year.
NORTHERN TIGER
But the future performance of what Manley dubbed "The Northern Tiger," in reference to the so-called Tiger economies in Asia, is still in question as the Canadian dollar's performance remained less than impressive.
While the currency dipped to a record low against the U.S. dollar in January, it has fueled Canadian exports and helped the country through the slowdown.
But speaking in New York on Thursday, Manley said he was focused on fostering solid growth rather than pursuing a strong-dollar policy. The minister added there was "not much I can do" to affect foreign exchange rates.
Some also believe the Bank of Canada, the first G7 central bank to raise interest rates since the downturn, has taken away too much economic stimulus too soon, while analysts believed the Federal Reserve ( news - web sites) might slash rates again in the coming weeks.
The BoC has raised its rates by 75 basis points since April, but left them unchanged at its last rate-setting meeting earlier this month.
Manley will be discussing the global outlook and its current uncertainties, as well as the economic plight of Latin America and trade with other finance ministers of the G7.
He told reporters that on the issue of trade liberalization, he would like to see the United States "walk the talk," citing the recent U.S. farm bill that substantially increased agricultural subsidies.
"There is a strong commitment to liberalizing trade on the part of the (U.S.) administration ... but it would be nice to see some action," Manley said.
