Canada's economy should rebound "over the course of the year" from the impact of the Alberta wildfires, according to Finance Minister Bill Morneau.
The Fort McMurray fire is estimated to have cut daily oil production by more than one million barrels and the Bank of Canada estimates it will shave 1.25 percentage points off economic growth in the second quarter.
Morneau, speaking at the G20 summit in China, said "we were approximately right in our expectations in our budget," and added that the country's growth was also challenged by global uncertainty following Britain's vote last month to exit the European Union, but that was offset by the strong U.S. economy.
Morneau also said Canada wants a separate trade deal with Britain. Meanwhile, Canada is finalizing a free trade agreement with the EU, which negotiates on behalf of member states. Britain's decision to leave the bloc means it has to eventually forge such deals on its own.
At the summit, the world's leading economies agreed to do more to lift global growth and share the benefits more broadly, as they sought to deal with fallout from Brexit and counter dissatisfaction with globalization.
