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

Real GDP Growth Over the Recovery