Ottawa, December 31, 2013
Archived - Canada Ends 2013 Among the Top Growing Economies of the G-7
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The Honourable Jim Flaherty, Minister of Finance, today reminded Canadians and investors of Canada’s fiscal and economic success story on the eve of 2014, and said he expects this track record to continue to promote trade and attract investment even amidst a volatile global economy.
“In 2013, Canada’s financial services sector ranked the best in the world for the sixth year in a row,” said Minister Flaherty. “With the lowest overall tax rate on new business investment in the Group of Seven (G-7), it is no surprise that real business investment in Canada is now well above its pre-recession peak, while no other G-7 country has even recovered to pre-recession levels.”
“Ongoing global uncertainty and recent examples of the consequences of continued and growing deficits in other countries make it even more important for Canada to remain focused on balanced budgets,” Minister Flaherty added. “The Government is on track to balance the federal budget in 2015 and reduce the federal debt-to-GDP (gross domestic product) ratio to 25 per cent by 2021.”
Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G-7 in 2014.
In 2013, Canada further strengthened its international competitiveness through a number of historic achievements. These accomplishments included an agreement in principle on a comprehensive trade agreement with the European Union, which will result in Canadian businesses having tariff-free access to almost half of the world economy, and an agreement in principle to establish a cooperative capital markets regulator with Ontario and British Columbia that will better protect investors, enhance Canada’s financial services sector, support efficient capital markets and better manage systemic risk.
“In 2013, the Government continued to receive a triple-A credit rating, with a stable outlook, from all the major credit rating agencies,” Minister Flaherty said. “It is one more recognition of the fiscal progress made by this country in recent years, and Canada’s growing reputation around the world. We will strive to establish a lasting legacy for the generations of Canadians to come, and will continue to be a voice of economic prudence in a world that is still recovering from the Great Recession.”
For further information, media may contact:
Office of the Minister of Finance
Department of Finance