Canada Finance Minister: Oil Price Impact not Devastating

While the drop in oil prices has affected the Canadian economy, it hasn’t had a devastating impact, Canada’s finance minister, Joe Oliver, said Wednesday.  Energy represents about 19 percent of the Canadian economy and 1.8 million jobs.

“Because we have a diversified economy, it isn’t a devastating impact but it certainly made my budget more challenging when I attempted and succeeded in balancing it,” Oliver said in an interview with “Power Lunch.”

While the collapse in prices impacted the country’s fiscal framework because it is an energy exporter, there were also some positive effects, he added.