G7 Symposium on Investing in Growth That Works for Everyone
May 31, 2018 – Whistler, British Columbia – Department of Finance Canada
With a robust and growing global 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.
Today, Canada's Minister of Finance, Bill Morneau, the Minister of International Development and La Francophonie, Marie-Claude Bibeau, and the Governor of the Bank of Canada, Stephen Poloz, hosted the G7 Symposium around the theme of "Investing in Growth That Works for Everyone" at a live streamed event. The event provides a public window into the themes and discussions taking place at the G7 Finance and Development Ministers and Central Bank Governors Meeting taking place in Whistler, British Columbia until June 2.
The event—moderated by BNN Bloomberg host Amanda Lang—featured prominent policy makers including former Prime Minister of Canada, the Right Honourable Paul Martin, and the Managing Director of the International Monetary Fund, Christine Lagarde. The panelists discussed some of the key pillars of Canada's 2018 G7 Presidency, such as preparing for the jobs of the future, advancing gender equality and women's empowerment, and investing in growth that works for everyone.
As highlighted in Budget 2018, Equality + Growth: A Strong Middle Class, Minister Morneau emphasized that Canada is a great place to invest, create jobs and do business due to its solid fiscal position, strong economic performance, and commitment to uphold and abide by rules-based international trade. The fact that the Government's fiscal house is in order allows it to continue to deliver real change for Canadians, and position Canada as a leader in an increasingly competitive world.
The G7 Symposium also featured a panel discussion on the importance of gender equality in growing and strengthening the middle class and sustaining economic growth. Opening the panel discussion was a short video featuring Organisation for Economic Co-operation and Development (OECD) Secretary-General José Angel Gurría, who presented the OECD's report entitled Gender Equality in Canada: Mainstreaming, Governance and Budgeting. The report notes that while there is still work to be done, Canada scores highly on several metrics of gender equality, particularly in the areas of educational attainment and employment.
Panelists underscored the need to include more women in the economy and to ensure that growth created through investment and international trade benefits those who contribute to its success.
"Governments around the world have important roles to play in investing in growth that works for everyone, regardless of gender, and ensuring that the benefits of growth are shared with the middle class and people working hard to join it. Providing a window into some of the debates and discussions that too often take place behind closed doors is an opportunity to showcase the importance of global cooperation on issues that matter in our everyday lives. When we ensure that everyone, including women, have a real and fair shot at success, it can lead to a prosperous future for all."
- Bill Morneau, Minister of Finance
"Canada has clearly positioned itself as a feminist government. We firmly believe that advancing gender equality is essential to eradicating poverty and building a more peaceful, inclusive and prosperous world. In our international assistance, we are committed to using innovative financing to support women and girls to fully participate in the economy, contributing to growth that works for everyone."
- Marie-Claude Bibeau, Minister of International Development and La Francophonie
"Canada is proud to be a global leader in advancing gender equality—and specifically, gender budgeting and Gender-based Analysis Plus—because we know that when we invest in women and girls, we strengthen the economy for everyone. The Gender Equality in Canada report by the OECD recognizes Canada's successes, but we know there is still work to be done. We welcome these recommendations and remain committed to working to advance gender equality, not just because it is the right thing to do, but because it is the smart thing to do."
- Maryam Monsef, Minister of Status of Women
"Ensuring that more people feel the benefits of growth is crucial to a strong and sustainable global economy. While rapid technological change and innovation hold great promise, they also risk leading to rising income inequality, which undermines economic resilience and long-term economic growth. The G7 is playing a leadership role through policies that lead to better and more balanced outcomes for our citizens."
- Stephen S. Poloz, Governor of the Bank of Canada
The G7 is an informal grouping of seven of the world's advanced economies consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union is also a member of the G7 and is represented by the European Council and the European Commission.
RBC Economics estimates that if women participated in Canada's workforce at the rates that men do today, we would boost the size of the Canadian economy by 4 per cent.
To support young families and gender equality in both the workplace and the home, Canada's Budget 2018 is introducing a new Employment Insurance Parental Sharing Benefit that will help support an equal distribution of home and work responsibilities.
Through Budget 2018, the Government of Canada is taking a leadership role in addressing the systemic undervaluation of women by announcing legislation to reduce the gender wage gap in federally regulated workplaces.
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