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Posted AT 2:17 PM EST on 30/05/08

Flaherty rejects recession fears as economy shrinks in quarter

HEATHER SCOFFIELD

Globe and Mail Update

OTTAWA — Canada's economy contracted in the first quarter of the year, the first time in five years that the country's output shrank outright, raising the spectre of a recession. But Finance Minister Jim Flaherty quickly dismissed such fears. Real gross domestic product declined a harsh 0.3 per cent at an annualized rate, Statistics Canada said Friday, exposing an economy far weaker than economists' projections of 0.

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