Ottawa, September 7, 2011
2011-075

Archived - Minister of Finance Highlights Canada’s Economic Competitiveness

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The Honourable Jim Flaherty, Minister of Finance, today made the following statement on Canada’s performance in the World Economic Forum’s (WEF) annual Global Competitiveness Report:

“Since our Government came to office, we have been focused on what matters to Canadians—creating jobs and promoting economic growth.

“I am also pleased that for the fourth year in a row, Canada has been ranked as having the soundest banks in the world. Thanks to sound and prudent regulation, our financial sector has weathered the ongoing economic turmoil better than anywhere else in the world and serves as an example for others to follow. A sound financial system has helped support Canada’s economic recovery and also helped Canada avoid taxpayer bailouts or nationalization experienced in the United States and Europe.

“This is yet another example of Canada’s global economic leadership, which includes:

  • Nearly 600,000 net new jobs created since July 2009—the strongest growth record in the G-7.
  • The IMF and OECD forecasting Canada’s economy will be among the strongest in the G-7 this year and next.
  • Moody’s and Fitch Ratings recently renewing Canada’s triple-A credit ratings due to our economic resiliency, very high government financial strength, and a low susceptibility to event risk.

“Today’s report encouraged Canadian businesses to be more innovative, repeating a call I have made on numerous occasions. That’s why our Government has introduced measures to help spur innovation and business investment, from tax incentives to tariff relief. Indeed, recent Statistics Canada data showed a strong increase in business investment for machinery and equipment. While this is a step in the right direction, we must build on that going forward.”

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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