Canadian economy not heading for recession: minister

[WorldNews]

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Canada's finance minister denied Friday that the country is heading for recession, a day after two major banks predicted economic doomsday. Canada, the world's fifth-biggest oil producer, has been hard hit by tumbling global oil prices and its economy shrank 0.6 percent at an annualized rate in the first quarter. On Thursday, Nomura bank said it expected Gross Domestic Product to contract 0.5 percent in the second quarter, while Bank of America Merrill Lynch said a 0.6 percent decline in that period was likely.

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