Worst of recession is over, says Canada PM

Tue Aug 4, 2009 6:44pm EDT
 
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OTTAWA (Reuters) - The worst of the recession is over for Canada but the government is not declaring victory yet, and the jobless rate will continue to increase, Prime Minister Stephen Harper said on Tuesday.

Bank of Canada Governor Mark Carney said late last month that the recession was over but Harper and Finance Minister Jim Flaherty have maintained a more cautious outlook.

"We think the worst is behind us. We're not declaring victory yet, to the extent that we're seeing some flattening out, (a few) signs of growth around the world," Harper told a televised news conference near Vancouver, British Columbia.

"Those signs are still very tentative. A lot of work has to be done," he said, repeating that governments around the world have to continue with plans to stimulate their economies.

"We are still seeing significant job losses. We still anticipate we will see more job losses here and in other countries so it's far too early to declare victory," he said.

(Reporting by David Ljunggren; editing by Rob Wilson)

 
<p>Canada's Prime Minister Stephen Harper looks on during a news conference at a community center in Adstock, July 30, 2009. REUTERS/Mathieu Belanger</p>