Ottawa, June 11, 2008
Archived - OECD Economic Prescription Accords With Advantage Canada
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The Honourable Jim Flaherty, Minister of Finance, today issued the following statement upon the release of the Organisation for Economic Co-operation and Development's (OECD) 2008 Economic Survey of Canada.
"The OECD's recognition of Canada's economic strengths and its policy recommendations largely accord with the direction our government is taking. They speak to our responsible stewardship of the Canadian economy and validate our long-term economic plan, Advantage Canada.
"Canadians have much to be confident about. Canada is in an enviable position relative to our trading partners. Our economic fundamentals remain strong. We have the best job market in a generation. The financial position of households and businesses is strong. Governments are in positive fiscal positions. Inflation is low.
"Of course, as I have said and as the OECD survey highlights, Canada is not an island. The remarkable growth of recent years has been slowed in some regions of the country by a combination of factors largely beyond our borders: the higher Canadian dollar; global turmoil in credit markets; emerging low-cost nations; and weaker demand in export markets, especially the United States. This has been particularly difficult for the communities and families of our manufacturing heartland, and we are working to ease their adjustment through helpful policies such as the Community Development Trust.
"Looking forward, the OECD shares our view that economic growth will soon rebound in all parts of Canada. We will be assisted to that end by Advantage Canada, the fundamentals of which mirror the OECD's policy prescription for a stronger future. The OECD suggests that Canadian governments reduce corporate and personal income taxes, harmonize sales taxes, reduce debt, control expenditures, and eliminate inefficiencies in financial markets, such as multiple securities regulators. These are the very policies that we have followed and that we intend to keep following to ensure greater prosperity for all Canadians. I encourage all Canadian governments to join us in that pursuit."
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