MONTREAL — Federal Finance Minister Bill Morneau says there are no "quick, easy fixes" for Canada's flagging economy.
Morneau told a business audience in Montreal 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.
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 says countries such as Brazil, Russia, India and China are unlikely to boost growth as analysts had expected.
However, he says current conditions present a real opportunity to put in place conditions to create long-term growth.