Minister Morneau Concludes G7 Meeting With Strengthened Commitment to Affordability, Equality
July 18, 2019 – Chantilly, France – Department of Finance Canada
Since 2015, the Government has helped ensure Canada's economy not only grows, but does so in a way that makes life more affordable. Though significant progress has been made, global factors—such as climate change and income inequality—continue to challenge the economic future of the middle class and people working hard to join it.
Recognizing that international cooperation is needed to tackle these and other issues, over the last two days Minister Morneau met with his G7 counterparts to discuss ways governments can collectively help more people find jobs, save money, and prepare for the future in the face of emerging challenges.
This includes discussions around giving women more opportunities to participate fully in the economy, as well as helping middle class families with the rising costs of living. The Minister also highlighted the importance of open and fair international trade to a strong global economy, and reemphasized the Government's commitments to stand up on behalf of Canadian workers.
The work of G7 Finance Ministers will provide valuable input to the G7 Leaders Summit, taking place in Biarritz, France, August 24 to 26.
"Whenever I'm at a table with global leaders talking about challenges facing the average family, the top issue is inequality. People feel that no matter how hard they work, their future isn't looking any brighter—whether that's because of the threat of climate change, or barriers to employment, or the rising costs of living. Our Government's focus has always been on helping middle class Canadians succeed, and while families here at home are better off thanks to those efforts, we need to work shoulder-to-shoulder with our G7 partners to ensure that together, we continue to build strong economies that work for more and more people."
- Bill Morneau, Minister of Finance
According to the International Monetary Fund, Canada is expected to be the second-fastest-growing G7 economy in 2019 and to tie for the fastest-growing G7 economy in 2020.
Canada has the lowest net debt-to-GDP (gross domestic product) ratio among G7 countries.
Under the Government of Canada's plan, hard-working Canadians have created over 1 million new jobs, most of them full-time, driving the unemployment rate to its lowest levels in more than 40 years. This includes especially strong employment gains by women.
Canada is the only G7 country that has a free trade agreement with every other G7 country.
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Office of the Minister of Finance
Department of Finance Canada
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