On The Home Front
On the home front, Canada pumped $32 billion into an economic stimulus package earlier this year. The economy is seeing signs of stability, contracting at an annual pace of 3.4% in the second quarter versus the 6.1% decline in the first three months of the year. And according to Harper, Canada’s exit from stimulus “will be relatively smooth”.
Once that growth is sustainable, Harper told Bartiromo there are three crucial things for global leaders to work towards. Firstly, continuing to implement stimulus measures. Secondly, taking steps to prevent protectionism. And lastly, working towards a better regulatory environment.
Heading to Pittsburgh, Harper wants to drive home the message about open markets and the recovery. He has sensed a “drift towards protectionism in the world” and hopes that global leaders can look outward, even in times of economic hardships. He said, “open markets are good for our economy and the global economy in the long term”. There are lessons to be learnt from the Great Depression in the 1930s, where Harper said, “a big recession became a big depression because markets closed.”
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