Jim Flaherty, Canada's finance minister fears that jobless rate in Canada could soar further in 2010, though country's economy would recover modestly.

Speaking his mind Jim Flaherty said the economy started giving signs of stability but labor markets are still flagging.

It may be noted here that recently concerns regarding recession were raised when the U. S. labor department reported that payrolls plunged by 467,000 in June, which was around 100,000 more than anticipated.

Economists anticipated approximately 30,000 job losses for June alone.

As far as Canada is concerned, approximately 363,000 job losses have been reported by Statistics Canada since October.

He also expects that more and more companies would be attracted into the country by Canada's low corporate tax regime

Stephen Harper, Canada's Prime Minister has said Canada's deficit of $43.2 billion is huge but not unmanageable.

A huge amount of 22.7 billion Canadian dollars have been committed by the Canadian government to stimulate the economy.