Finance Minister Jim Flaherty was named the business newsmaker of 2010 by The Canadian Press. (Jeff McIntosh/Canadian Press)

Canada's solid economic performance in 2010 helped make Finance Minister Jim Flaherty The Canadian Press business newsmaker of the year.

With Flaherty at the helm, Canada's economy outperformed most others last year.

Flaherty narrowly edged Saskatchewan Premier Brad Wall in a vote of broadcast news directors and business editors.

Wall led a successful campaign against a hostile foreign takeover bid for Potash Corporation of Saskatchewan.

Flaherty received 21 votes to Wall's 19.

Royal Bank economist Paul Ferley said the government's tax cuts and stimulus spending seemed to be successful in sustaining an economic recovery.

But Flaherty might have some less happy headlines ahead.

He faces the difficult task of balancing the federal budget by 2016 and erasing a massive deficit.

Flaherty has said there will be no major new spending in his 2011 plan, but no major new cuts, either.