Thaindian News

Toronto, Oct 8 (IANS) Canada’s Jim Flaherty has been named the finance minister of the year by Euromoney magazine.
The honour comes after the World Economic Forum rated Canada’s performance as the best among G8 economies in the current global crisis.

The International Monetary Fund has also forecast that Canada will be among the least affected by the global crisis and post the strongest recovery among G8 countries next year.

Presenting the award in Turkey after the annual meetings of the IMF and the World Bank, Euromoney magazine said Canadian polices in response to the global economic crisis have raised its reputation globally.

In accepting the award, Flaherty listed responsible fiscal management and effective regulation of the financial system as the reasons for Canada’s better performance.

Because of sound fiscal management, he said, there were fewer jobs lost in Canada than the US. Currently, Canada’s jobless rate is a full percentage point less than the US rate.

“While it is an honour to receive this award, it is really a testament to the perseverance of Canadians themselves throughout this global economic and financial crisis,” the finance minister said.

“It recognises how Canadians built a sound economy and worked together to weather the global storm better than most other countries,” he added.

Referring to his economic action plan, which is among the largest fiscal stimulus packages in the world, he said Canada could take such a sweeping step because it was in the best fiscal position among the G7 nations going into the current crisis.

He said, “Our government is committed to staying on course. We remain focused on the economy…”