Archived - Minister Oliver Promotes Jobs and Growth at G-20, IMF and World Bank Group Meetings
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October 9, 2014 – Washington, D.C. – Department of Finance
Finance Minister Joe Oliver will attend the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group this week in Washington D.C., where he will also meet with his Group of 20 (G-20) Minister of Finance colleagues.
The meetings will focus on the state of the global economy as well as strategic priorities for the IMF and World Bank Group. G-20 Finance Ministers and Central Bank Governors will discuss deliverables ahead of the G-20 Leaders Summit in Brisbane next month, including measures to support greater investment in infrastructure, particularly by the private sector.
Minister Oliver will encourage countries to follow Canada’s example of responsible fiscal management, which will result in a return to balanced budgets in 2015, and to implement structural measures that strengthen the economy and create jobs, as outlined in the G-20 growth strategies. Canada has weathered the global economic crisis better than most countries and stands out among the G-20 as an international economic success story and an attractive partner for trade and investment.
Canada’s Economic Performance
- 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 (GDP) is significantly above pre-recession levels—the best performance in the G-7.
- Both the IMF 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.
- 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 all reaffirmed their top ratings for Canada.
- The G-20 is the premier forum for international economic cooperation, with members accounting for 85% of global output and two-thirds of the world’s population.
- Earlier this year, G-20 Finance Ministers and Central Bank Governors committed to develop ambitious, but realistic, policies aimed at lifting the level of G-20 collective GDP over five years by at least 2% above the level implied by existing policies.
- As a significant shareholder, Canada has an important governance role at both the IMF and the World Bank Group. The Minister of Finance represents Canada, most Commonwealth Caribbean countries and Ireland on the Board of Governors at both institutions.
"Our Government's sound economic management and unrelenting focus on jobs, growth and long-term prosperity have made Canada an international economic success story. As Canada is doing with its Economic Action Plan, we encourage G-20 countries to deliver on their comprehensive strategies to create jobs and a strong, global economy."
- Joe Oliver, Minister of Finance
- Minister Oliver Tables Annual Report on Canada’s Activities at the International Monetary Fund and the World Bank Group
Office of the Minister of Finance
Department of Finance