Archived - World Economic Forum Rates Canada’s Banking System World’s Soundest for Seventh Year in a Row
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September 3, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today welcomed the World Economic Forum rating of Canada’s banking system as the soundest in the world for the seventh year in a row in its annual Global Competitiveness Report—further bolstering Canada’s international economic success story.
- The Canadian economy has posted one of the strongest job creation records in the Group of Seven (G-7) over the recovery, with more than 1.1 million jobs created since July 2009.
- Real gross domestic product is significantly above pre-recession levels—the best performance in the G-7.
- 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 over this year and next.
- According to KPMG, total business tax costs in Canada are the lowest in the G-7 and 46% lower than those in the United States.
- In 2013, Canada leapt from sixth to second place in Bloomberg’s ranking of the most attractive destinations for business.
- Four credit rating agencies—Moody’s Investors Service, Fitch Ratings, Standard & Poor’s and DBRS—have reaffirmed their top ratings for Canada.
“I am pleased that the World Economic Forum has once again recognized Canada’s banking system as the soundest in the world. Our financial institutions remain well supervised and well capitalized—which instills domestic and foreign investors with confidence in the Canadian economy. In addition, our Government’s cooperation with provinces and territories to establish a common securities regulator will further encourage capital investment in Canada—leading to a stronger economy, job creation and prosperity for Canadians.”
- Joe Oliver, Minister of Finance
Director of Communications
Office of the Minister of Finance
Department of Finance