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A ‘difficult period’ for economy but no quick fix in sight: Morneau

New Federal Finance Minister Bill Morneau.
New Federal Finance Minister Bill Morneau. THE CANADIAN PRESS/Chris Young

MONTREAL – Federal Finance Minister Bill Morneau said there are no “quick, easy fixes” for Canada’s flagging economy.

Morneau told a business audience at the Montreal Council on Foreign Relations (MCFR) that Canada’s economy is going through a “difficult period” as the price of oil and the Canadian dollar are being significantly hurt by global factors.

MORE: Oil slips below $30, joins loonie in hitting fresh historic lows 

Morneau added that while the performance of the U.S. economy has been encouraging, the outlook for the global economy and commodity prices remains weak.

He said countries such as Brazil, Russia, India and China are unlikely to boost growth as analysts had expected.

However, he said current conditions present a real opportunity to put in place conditions to create long-term growth.

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WATCH: Bank of Canada Governor Stephen Poloz warns oil shock must ‘work itself out’ 

Click to play video: 'Poloz responds to George Soros’ comments that global stock downturn mirrors 2008 recession' Poloz responds to George Soros’ comments that global stock downturn mirrors 2008 recession
Poloz responds to George Soros’ comments that global stock downturn mirrors 2008 recession – Jan 7, 2016

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