Ottawa, September 5, 2013
World Economic Forum Ranks Canadian Banks Soundest in the World for the Sixth Consecutive Year
The Honourable Jim Flaherty, Minister of Finance, today welcomed the World Economic Forum’s 2013–2014 Global Competitiveness Report, which shows that Canada remains in the global vanguard in creating the conditions required for economic and business success, including a strong financial system.
“I am very pleased to see that the World Economic Forum has ranked Canada’s banking system as the soundest in the world for the sixth consecutive year,” said Minister Flaherty. “Canada’s financial institutions have long been recognized for being sound and well capitalized. Canada actively supports the global financial reform agenda, and on Basel III implementation our major banks already meet the key capital requirements, a full six years ahead of schedule.”
Canada’s world-class financial services sector and strong economic fundamentals have served Canadians and businesses well in weathering the worst of the 2008–2009 global financial and economic crisis and its after-effects.
The World Economic Forum also ranked Canada as one of the best in the world at minimizing the number of procedures required of entrepreneurs to start their own businesses.
“These results are consistent with the positive assessments of other international organizations. For example, the Organisation for Economic Co-operation and Development recently projected that Canada will lead all Group of Seven (G-7) countries in growth in the second half of 2013. And we are alone among the G-7 countries in continuing to receive the highest possible credit ratings, with a stable outlook, from all the major credit rating agencies,” Minister Flaherty added.
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Office of the Minister of Finance
Department of Finance