The budget comes at a massive cost, resulting in a deficit of 85 billion Canadian dollars over the next five years, including 33.7 billion dollars for the 2009-10 fiscal year. That will be the first deficit for the country since 1996.
"We must do what it takes to keep our economy moving, and to protect Canadians in this extraordinary time," Flaherty said in his budget speech in the House of Commons.
The budget also promises to improve access to financing for consumers and businesses with a funding of over 200 billion Canadian dollars, invest in social housing and job trainings, help ailing industries such as the auto sector as well as provide subsidiaries for the aboriginal, the poor and other groups mostly hit by the economic recession.
Flaherty hinted more actions could be taken if deemed necessary, predicting the economy to contract by 2.7 percent in 2009, which is worse than the 1.2 percent drop that is the average of private-sector forecasts. The government had warned "difficult years ahead" in the throne speech Monday.
The budget is subject to a series of confidence votes in the Parliament later this week and whether it passes or not will decide the fate of the government. The minority government needs the support of at least one opposition to survive.
2009年1月29日星期四
2009年1月22日星期四
Textile firms
The growth rate in China's textile exports will continue decreasing this year and there will be no "big increases" in exports to the US and the EU markets although quota restrictions on exports to the two markets have been eliminated from the beginning of this year, the ministry said in a statement on its website.
It added China's exports are not going to pose any threats to exporters in other countries.
Textile exports totaled $185.17 billion in 2008, up only 8.2 percent from a year earlier, statistics from the General Administration of Customs showed.
The growth is 10.7 percentage points lower than that of 2007.
Analysts attributed the decline in exports growth to rising labor costs, appreciation of renminbi and weakening demand from major markets.
It added China's exports are not going to pose any threats to exporters in other countries.
Textile exports totaled $185.17 billion in 2008, up only 8.2 percent from a year earlier, statistics from the General Administration of Customs showed.
The growth is 10.7 percentage points lower than that of 2007.
Analysts attributed the decline in exports growth to rising labor costs, appreciation of renminbi and weakening demand from major markets.
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