International Crisis: Canada officially entered recession

International Crisis: Canada officially entered recession -

The Canadian economy officially entered recession after the country's GDP descend 0.5% in the second quarter, after the fall of 0.8% in the first, today announced the country's statistics institute (EC).

Canada is the fifth largest oil producer in the world and suffers a year falling oil prices.

is the only country in the Group of Seven (G7) which entered into recession this year, with two consecutive quarters of decline, and is the second time in six years that goes into recession; the last was in late 08 and early 09.

The government of Canadian Prime Minister Stephen Harper , has refused to acknowledge that the country is in recession to avoid damaging its image ahead of the general elections on 19 October.

Harper reneged yesterday of the law that the government approved two months which requires that the general budgets have no deficit ago, the agency EFE .

the Conservative Party, in power since 06, faces a tough general election plagued by scandals and the collapse of the energy sector.

Harper and the Conservative Party have based their election campaign in its ability to manage the economy, but since he came to power, all their overall budgets have been in deficit.

the opposition parties have stressed that Harper is the only Canadian prime minister who has ruled . the country for two consecutive recessions

the leader of the Liberal Party, the third political force in the country, Justin Trudeau , wrote today on Twitter that "it is official: we are in recession and still Stephen Harper denies. It is time for real change. "

EC said the results of the first quarter were worse than initially announced, which has forced the agency to revise its growth forecasts for 2015 downward.

Source: Telam

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