Keeping Canada’s Economy Strong
- With the help of Canada’s Economic Action Plan, Canada’s economy has seen one of the best economic performances among all G-7 countries in recent years – both during the global recession and throughout the recovery.
- As we have repeatedly said though, Canada is not immune to the global economic challenges beyond our borders.
- That’s why Economic Action Plan 2015 continues to focus on supporting job creation and economic growth, while finally returning Canada to a balanced budget.
- Here are the facts:
- Over 2 million net new jobs have been created in Canada.
- Over 80% full-time and nearly over 80% private sector jobs were created since the end of the recession in July 2009 and over half of these jobs were in high wage industries.
- Since coming to office, our Government has had one of the best job creation records in the G7 and we are leading in economic growth.
- In fact, on a relative basis, we have created almost 20% more jobs than our closest competitor.
- Canadians have also enjoyed one of the strongest income growth performances in the G-7.
- Canada’s business investment performance has been the strongest in the G-7, recovering from that lost in the recession.
- The independent International Monetary Fund (IMF), the Bank of Canada (BoC), and Organisation for Economic Co-operation and Development (OECD) are projecting that Canada will have among the strongest economic growth in the G-7 in the years ahead.
- For the seventh straight year, the World Economic Forum has ranked Canada’s banking system the soundest in the world.
- Canada leapt from sixth to second place in Bloomberg’s ranking of the most attractive countries for business to grow.
- Canada has the lowest overall tax rate on new business investment in the G-7.
- Canada is one of only two G-7 countries to have a rock solid AAA credit rating with a stable outlook from all the major credit rating agencies – Moody’s, Fitch, and Standard & Poor’s.
- According to the International Labour Organization’s Global Wage Report, Canada has the best pay gains in the G7.
- The Centre for American Progress says that “Canada has experienced continuing middle-income growth, while for many countries it has halted.”
- Fraser Institute report concluded that “the adult unemployment rate is at historically low levels” and that Canada has seen “a marked increase in high-wage factory jobs in recent years.”
- According to the Social Progress Index 2015, Canada ranked the most ‘socially progressive’ among G7 nations.
- Canada’s net debt-to-GDP ratio remains the lowest in the G-7– by far.
Real GDP Growth Over the Recovery
