Minister Morneau Takes Canada’s Plan for Equality and Growth for the Middle Class to the G20
March 19, 2018 – Buenos Aires, Argentina – Department of Finance Canada
With a strong and growing Canadian economy, now is the right time to make progress in Canada and around the world to ensure everyone can contribute to, and share in, the benefits of growth.
Canada’s Minister of Finance, Bill Morneau, participated in an armchair discussion today at an event hosted by the Institute of International Finance during the G20 Finance Ministers and Central Bank Governors Meetings in Argentina. He discussed key pillars of Canada’s 2018 G7 Presidency, including advancing gender equality and women’s empowerment, preparing for the jobs of the future, and investing in growth that works for everyone.
On the heels of Budget 2018, Equality + Growth: A Strong Middle Class, Minister Morneau highlighted Canada as a great place to invest, due to its solid fiscal position, strong economic performance, and commitment to uphold and abide by rules-based international trade. The fact that its fiscal house is in order gives the Government the ability to continue to invest in people and to prepare them to succeed in the jobs and economy of tomorrow.
Finally, the Minister underscored the importance of gender equality in growing and strengthening the world’s middle class and sustaining economic growth. He reiterated Prime Minister Justin Trudeau’s challenge to governments and business leaders around the world to hire, promote, and retain more women in the workforce and in leadership positions, so that everyone has the opportunity to fully contribute to the economy.
“Creating opportunities through equality and ensuring that growth benefits everyone can lead to a prosperous future for all. With Canada’s economy strong and growing, we are in a unique position to share with the world how embracing equality to build a strong middle class can give everyone a real chance to succeed in the economy of tomorrow.”
- Bill Morneau, Minister of Finance
- In the last two years, the Canadian economy created almost 600,000 jobs, most of them full-time.
- Canada’s unemployment rate is near its lowest level over the past 40 years.
- Since 2016, Canada has led the G7 in economic growth.
- The Government is making steady improvements to its finances:
- The federal debt-to-GDP (gross domestic product) ratio remains firmly on a downward track and is projected to reach a low of 28.4 per cent in 2022–23.
- The deficit-to-GDP ratio is projected to reach a low of 0.5 per cent in 2022–23.
- Canada’s total government net debt-to-GDP ratio is the lowest among G7 countries.
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