OTTAWA — Finance Minister Jim Flaherty argued again Monday that the government's economic-stimulus package has allowed Canada to bounce back from the recession in better shape than other developed countries.

But the government's latest update on its stimulus plan is notable for what it doesn't say. The Conservatives can no longer boast that Canada is outpacing its peers in terms of economic growth.

As the government winds down its massive stimulus package and turns to tackling the deficit, the economy will need businesses to pick up the slack as an engine of growth — a reality that Flaherty acknowledged Monday.

"The private-sector job creators and hardworking entrepreneurs in Canada can resume their role, that is the role of driving the Canadian economy, while the government focuses on the long-term priorities of Canadian families," the minister said in a speech in Vaughan, Ont., where he unveiled the government's latest update on its two-year, $46-billion stimulus plan.

The Canadian economy grew 0.4 per cent in November, according to figures released Monday. It's the fastest pace in eight months, and nearly double the rate economists were expecting.

But over the coming year, most observers are expecting modest growth. In October, the International Monetary Fund predicted Canada's economy would grow faster than the average of developed countries in 2011. This month, the IMF downgraded its growth forecast for Canada to 2.3 per cent for this year. That puts Canada second only to the United States in the G7, but behind the average among developed nations.

Several factors have contributed to Canada's slowdown, including a cooling housing market, mounting consumer debt and a fitful U.S. recovery.

As recently as October, Flaherty boasted that Canada was leading the pack among major advanced economies in terms of growth outlooks for 2011. On Monday, the minister instead noted that Canada has the best fiscal position and fastest rate of job growth among the G7.

But the government also was forced to back down from the claim that Canada has recouped all the jobs it lost during the downturn. Statistics Canada revealed last week the economy lost more jobs in the recession than originally thought, leaving the labour market 30,000 jobs short of its pre-recession level.

In their latest stimulus update, the Conservatives estimated the injection of public funds into the economy has created nearly 400,000 jobs since July 2009. Parliament's budget watchdog, Kevin Page, has questioned the government's job-creation estimates, noting that a survey of firms that received funds suggests the tally is much lower than the government says.

Certainly, it could be a long time before the unemployment rate, now 7.6 per cent, falls back to 6.3 per cent, the rate before the recession.

Flaherty warned it would be "dangerous" for Canada to veer from the government's economic plan. The Conservatives have promised to carry out another corporate tax cut next January, and gradually wipe out the deficit by 2015/16.

"Business needs certainty," Flaherty told reporters. "We're going to stay on our low tax plan, and if others want to advocate a higher tax plan, that's their choice."

But in the House of Commons, NDP Leader Jack Layton accused the Conservatives of being too quick to declare victory over the recession.

"While the Conservatives are declaring today, once again, mission accomplished on the economy, Canadians who are still trying to make ends meet know that is just hogwash," Layton said.

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FACT BOX:

Stimulus by the numbers

The government released its seventh report on its $46-billion stimulus package on Monday. Here's a breakdown of some of the numbers:

- $46 billion: Total value of the federal government's two-year stimulus plan.

- 26,000: Number of projects underway or completed under the plan.

- 400,000: Number of jobs the government says have been created by the plan.

- 30,000: Number of jobs Statistics Canada says the economy still needs to generate to reach pre-recession levels.

- 2.3 per cent: Rate of growth of Canadian economy in 2011, according to IMF forecast.

- 2.5 per cent: Average rate of growth for advanced economies in 2011, according to IMF.

- $45 billion: Projected federal deficit this fiscal year

- $2.6 billion: Projected surplus in 2015/16