OTTAWA, Jan. 14 (UPI) -- The Canadian Conference Board placed blame Wednesday on the United States for putting Canada into a recession situation that domestic policies can't avert.
"The U.S.-led global recession has dragged the Canadian economy into recession in 2009," the independent, not-for-profit research organization said in a release. "The deepening U.S. recession continues to hurt Canada's trade sector," the board's director of national and provincial forecasts, Pedro Antunes wrote.
"Lower resource prices, combined with waning consumer and investor confidence and the bleak U.S. outlook, will bring a recession to Canada in 2009," the report said.
The statement backtracked on earlier assumptions a recession could be avoided based on "federal fiscal stimulus in the form of tax rebates and increased funds for infrastructure," and said "Canadian business investment and employment will decline this year."
The minority Conservative government will present its budget after a 2-month parliamentary suspension a day after it reconvenes Jan. 26.
