Archived - Minister Oliver Promotes Canada as an Example of Stability Amid Fragile Global Economy
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September 19, 2014 – Cairns, Australia – Department of Finance
Finance Minister Joe Oliver will work with the Group of 20 (G-20) Finance Ministers and Central Bank Governors this weekend in Cairns, Australia, to secure stronger and more sustainable global economic growth and job creation, and to encourage countries to follow Canada’s example of balanced and responsible fiscal management.
Ministers will provide updates on their respective economies and the development of G-20 growth strategies, which will form the basis of the Brisbane Action Plan at the G-20 Leaders Summit in November. Canada stands out in the G-20 as an international economic success story and an attractive partner for trade and investment.
As co-chair of the G-20 Working Group on the Framework for Strong, Sustainable and Balanced Growth, Canada continues to work with other members of the G-20 to ensure that members’ comprehensive growth strategies will support strong, sustainable and balanced global growth.
- The Canadian economy has posted one of the strongest job creation records in the 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.
- For the past seven years, the World Economic Forum has rated Canada’s banking system the soundest in the world.
- Four credit rating agencies—Moody’s Investors Service, Fitch Ratings, Standard & Poor’s and DBRS—have all reaffirmed their top ratings for Canada.
“Canada is an example of stability amid a fragile global economy. Our sound fundamentals and prudent economic management, underpinned by our commitment to return to balanced budgets in 2015, continue to hold Canada in good stead among its international peers. That said, we are not immune to external pressures and continue to work with our G-20 partners to achieve strong, sustainable and balanced global growth.”
- Joe Oliver, Minister of Finance
Office of the Minister of Finance
Department of Finance