International Monetary Fund Recognizes Canada's Success in Delivering Growth That Works for Everyone

From: Department of Finance Canada

News release

June 4, 2018 – Ottawa, Ontario – Department of Finance Canada

Finance Minister Bill Morneau today welcomed the Concluding Statement of the International Monetary Fund's (IMF) annual Article IV Mission to Canada, which found that the Government's plan to invest to strengthen and grow the middle class has resulted in economic growth that is working for all Canadians.

In examining the Government's pro-growth policies, the IMF confirmed the soundness of the Government's economic approach and the strength of Canada's economy, which had the highest growth rate among G7 countries last year. The IMF also confirmed that the measures the Government has introduced to address housing-related vulnerabilities have had their intended effect.

The IMF also reviewed developments in a number of other areas, including monetary and tax policy, as well as the evolution of Canada's housing market. The Government continues to monitor these issues closely to ensure that its actions continue to support growth and contribute to a strong middle class.

Quotes

"Our government's approach of investing in people and in the economy is yielding positive results, which are being recognized around the world. I want to thank the IMF for their recognition of Canada's sound economic approach and I look forward to continuing our good work together in building a global economy that works for everyone."

- Bill Morneau, Minister of Finance

Quick facts

  • Since early 2016, the Canadian economy created more than 600,000 jobs, most of them full-time.

  • Canada's unemployment rate is at its lowest level in 40 years.

  • Since 2016, Canada has led the G7 in economic growth.

  • Canada's federal debt-to-GDP (gross domestic product) ratio remains firmly on a downward track and the deficit-to-GDP ratio is projected to reach 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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Contacts

Media may contact:

Daniel Lauzon
 Director of Communications
 Office of the Minister of Finance
daniel.lauzon3@canada.ca
 613-286-4285

Media Relations
 Department of Finance Canada
fin.media-media.fin@canada.ca
 613-369-4000
 
General Enquiries

Phone: 613-369-3710
 Facsimile: 613-369-4065
 TTY: 613-369-3230
 E-mail: fin.financepublic-financepublique.fin@canada.ca

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