SHERBOOKE, Que. — Finance Minister Bill Morneau is offering a rosy assessment of Canada’s economy in an election year, despite upheavals around the world that could disrupt global trade.
Morneau says the Brexit chaos engulfing the British government as it tries to extricate the United Kingdom from the European Union is difficult for the global economy, but he says he doesn’t see a direct impact on Canada’s economy.
Similarly, Morneau is playing down the impact of the American trade war with China, which has indirectly dragged Canada into a diplomatic spat with China after it arrested a senior Huawei executive in Vancouver at the behest of the Americans.
While global trade tensions do create headwinds for the global economy, Morneau is shrugging off predictions that the world could be headed for another recession.
He says global economic growth is still expected to be positive this year and private-sector economists in Canada are predicting a period of sustained growth.
Morneau offered his assessment as he arrived in Sherbrook, Que., for the start of a three-day retreat for Prime Minister Justin Trudeau’s newly shuffled cabinet.
The Canadian Press