Minister Morneau Meets With Private Sector Economists and Visits Canadian Digital Factory
February 16, 2018 – Toronto, Ontario – Department of Finance Canada
The Government of Canada's plan of investing in people and in communities to build a strong middle class is working. Canadians have created nearly 600,000 jobs since November 2015, and the unemployment rate is near its lowest level in 40 years. Since the beginning of 2016, we have had the fastest-growing economy of the Group of Seven (G7) countries.
The Government's plan to invest in the middle class and the people working hard to join it is working. But there is more to do. Today in Toronto, Finance Minister Bill Morneau met with a group of Canada's leading private sector economists to gather their views on the Canadian and global economies ahead of the federal budget, which will be delivered in the House of Commons on February 27, 2018.
Later in the day, the Minister toured Scotiabank's Canadian Digital Factory, a dedicated digital production facility designed to drive innovation in order to highlight the importance of curiosity, research and innovation in preparing for the economy of tomorrow.
As the Government prepares its next budget, it will strive for greater equality and a more competitive, diverse and prosperous Canada, where everyone can have a real and fair chance at success.
"Our plan to strengthen the middle class and help people working hard to join it is working, but we know that there is more work to do. For example, our economy needs more women in positions of responsibility and leadership. We need to eliminate the gender gap, and make sure everyone is given a real and fair chance to succeed. It is not only the right thing to do for Canada, but it is also the smart thing to do to keep our economy growing and remain competitive well into the future."
- Bill Morneau, Minister of Finance
- The private sector economic forecasts have been used as the basis for fiscal planning since 1994. This practice, which is supported by the International Monetary Fund, ensures objectivity in the fiscal forecast.
- Canada's economy is strong. Real gross domestic product has grown at an average rate of 3.2 per cent per quarter since mid-2016 and the labour market has also been growing, with nearly 600,000 new jobs created since November 2015.
- The Government of Canada has taken significant steps to help families regain the confidence needed to help drive the economy forward. This includes introducing a middle class tax cut that is benefitting about nine million Canadians, introducing a more generous and better targeted Canada Child Benefit, and strengthening the Canada Pension Plan so that future generations of workers can retire with dignity. The Government also proposes to lower the small business tax rate to 10 per cent, effective January 1, 2018, and to 9 per cent, effective January 1, 2019.
- The Government is committed to sound fiscal management as it continues to make investments to support long-term economic growth and a strong middle class, while preserving Canada's low-debt advantage for current and future generations.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada