Archived - Minister of Finance Meets With Private Sector Economists on Canada's Economic Prospects
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Private Sector Economists Share Their Views on Global and Canadian Economic Prospects
January, 27, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Jim Flaherty today met with Canada’s leading private sector economists to gather their views on economic prospects for the country.
The consensus at today’s meeting was that the average forecast from private sector economists is a reasonable basis for fiscal planning for Budget 2014.
The Department of Finance bases its economic forecast for fiscal planning purposes on the average of private sector forecasts. This practice introduces an element of independence into the fiscal forecast and is supported by organizations such as the International Monetary Fund.
Today also marks the conclusion of a series of online and in-person pre-budget consultations led by Minister Jim Flaherty, Minister of State (Finance) Kevin Sorenson and Parliamentary Secretary Andrew Saxton.
- Canada is now one of only a handful of countries in the world, alongside Australia, Denmark, Finland, Sweden, Norway, Switzerland and Singapore, that continues to receive a triple-A credit rating, with a stable outlook, from all the major credit rating agencies.
- As outlined in the fall 2013 Update of Economic and Fiscal Projections, responsible and disciplined use of taxpayers’ dollars is expected to yield a surplus of just under $4 billion in 2015–16.
- The average Canadian family of four now pays $3,400 less in taxes than in 2006.
- A series of 10 pre-budget roundtable consultations were attended by Ministers Flaherty and Sorenson and Parliamentary Secretary Andrew Saxton since they were launched on November 7, 2013.
- Other members of cabinet to hold pre-budget consultations included Jason Kenney, Alice Wong and Denis Lebel.
- Thousands of Canadians answered the invitation to participate in the online pre-budget consultations, which sought their views on:
- helping Canadians with the cost of living and raising a family,
- ensuring Canadians are obtaining the skills and knowledge necessary for the jobs of tomorrow,
- further helping businesses grow and encouraging the hiring of new employees,
- supporting a stable environment in which investment and trade flourish,
- and finding additional savings and better respecting taxpayers’ dollars.
“Ongoing global uncertainty and recent examples of the consequences of significant deficits in other countries make it even more important for Canada to remain focused on balanced budgets. The Government is on track to balance the federal budget in 2015, while continuing with our low-tax plan to create jobs, growth and long-term prosperity. The views of the private sector forecasters will serve me well as the Government prepares for Economic Action Plan 2014.”
- Jim Flaherty, Minister of Finance
- Pre-Budget Online Consultation
- Minister of Finance Meets With Private Sector Forecasters on the Economy
Office of the Minister of Finance
Department of Finance