He listed four of Canada's advantages in countering the recession: Canada has the strongest banking system in the world, the best fiscal position in the G7 in terms of the lowest debt-gdpratio, a long-term structural balance among others, a stellar record of low and stable inflation, and lastly a highly educated, skilled largely mobile modern workforce.
However, Harper warned that
"We will not turn the corner on this global recession until the American financial sector is fixed."
"Our stimulus plan will help us to sustain economic activity and make transitions but it cannot fix the problem of the global financial system," he said. The plan, delivered in January and currently before the Senate, will provide help to workers, homeowners, businesses and cities and towns through infrastructure projects, he said. Harper said red tapes have been cut by his government to speed up the funding for the stimulus package, which promises 40 billion Canadian dollars (31.4 billion U.S. dollars) in government spending and tax cuts over the next years.