As per latest Canada economic review Jim Flaherty, finance minister of Canada, has expressed great concern over present state of national economy. As per his estimates an economic stimulus package of $3 billion has to be provided so that Canadian economy can get back on its feet again.
Of late Canadian economic reviews have shown that as per report of Statistics Canada regarding gross domestic product, national economy has gone down to a significant extent as far as final quarter of 2008 fiscal is concerned.
According to information from latest economic review of Canada, Jim Flaherty has reiterated that some amount of financial influx has to be channeled into Canadian economic system. Until and unless that is done Canadian economy would continue to experience such hardships.
It has been confirmed by latest economic review in Canada that Jim Flaherty has asked for permission from Canadian parliament regarding spending $3 billion that has been allotted in stimulus section of national budget. He has expressed his desire to be able to spend this money from 1st of April 2009 when new financial year kicks off in Canada.
Economic review at Canada by noted economists has suggested it might be a move fraught with risks and possibilities of mistake. However, Jim Flaherty has said that it would be too late if Canadians had to wait for usual procedures to be executed before any kind of financial relief was provided.
Latest economic review for Canada has revealed that reports by two major banks of Canada – National Bank and Bank of Montreal - have predicted that economy of Canada would be able to recover itself from second financial quarter of fiscal 2009 onwards.
As per Canada economic review and reports these two banks have cited a number of factors that may help Canadian economy get back on its feet. Major factors in this case are reductions in rates of taxation all over world, a slew of economic stimulus packages, a revival of weakened housing sector of United States of America and depreciation in value of Canadian dollar.
In another Canada economic review Douglas Porter who is deputy chief economist with BMO Capital Markets has said that Canada is in a better position to adapt to effects of global economic downturn as it had reacted early to this world economic crisis through early financial stimuli and cuts in rates of interest.
With its economy flat lining and being held up by oil and gas exports, Russia desperately needs to increase the scale of those exports. On the face of it the massive $400 billion deal Russia signed with China on 21 May, for a 30 year gas supply contract, looks just the ticket to deliver that increase over the long haul. However, the deal has a number of non-trivial obstacles to overcome, chief of which are disagreements between China and Russia over pricing and the difficulty Russia may find in funding the required pipeline.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
Vice President and Director of the Global Economy and Development Program at the Brookings Institution. Former Turkish Minister of State for Economic Affairs. Head of the United Nations Development Program (UNDP) from 2005-2009.
James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government in Harvard University. Director of Program in International Finance and Macroeconomics at the National Bureau of Economic Research.