Archived - Minister of Finance Meets With Private Sector Economists to Discuss Canada's Economy
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Canada remains on track to return to balanced budgets in 2015
October 14, 2014 – Toronto, Ontario – Department of Finance
Finance Minister Joe Oliver 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 in the September survey of private sector economists is a reasonable basis for fiscal planning.
The average of private sector economic forecasts forms the basis for the Department of Finance’s economic and fiscal planning assumptions. This ensures objectivity in the fiscal forecast—a practice supported by the International Monetary Fund.
The economists also confirmed that Canada’s economy remains resilient, despite an uncertain global economic climate.
- As outlined in Economic Action Plan 2014, the Government’s responsible fiscal management is expected to yield a surplus in 2015–16.
- Canada has the lowest net debt-to-GDP (gross domestic product) ratio in the Group of Seven (G-7), with AAA credit ratings and a stable outlook from all the major credit rating agencies.
- Canada has created nearly 1.2 million net new jobs since the depths of the recession—one of the strongest job creation records in the G-7.
- 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.
“Our government’s low-tax plan for jobs, growth and long-term prosperity is keeping us on track to balance the budget in 2015. But at a time of global economic uncertainty and geopolitical risk Canada cannot rest on its record of success. This is why Economic Action Plan 2014 focuses on the drivers of job creation—innovation, investment, education, trade and infrastructure.”
- Joe Oliver, Minister of Finance
Office of the Minister of Finance
Department of Finance