Minister Morneau meets with private sector economists

News release

February 12, 2020 - Toronto, Ontario - Department of Finance Canada

Thanks to the hard work of Canadians, Canada’s economy is growing at a solid pace, creating more good, well-paying jobs for the middle class and people working hard to join it. Over 1 million more Canadians are employed today than in 2015, the unemployment rate is at historic lows, and families have more money to spend on the things that matter most to them.

Finance Minister Bill Morneau met today with Canada’s leading private sector economists to gather their evaluations on the state of the Canadian and global economies as well as their expectations for the months and years ahead.

The Government of Canada has used the forecasts of private sector economists for its fiscal planning since 1994, and will once again factor them into its upcoming budget. This practice, which is supported by the International Monetary Fund, ensures objectivity in the government’s fiscal forecast.

The government is committed to sound fiscal management as it makes smart, responsible investments for the middle class that create good jobs and a financially secure future for Canadians.

Quotes

“Through our government’s investments and the hard work of Canadians, our economy has been growing stronger for over four years. Not only is unemployment at record lows, wages are up and people have more money in their pockets—money to spend locally and money to save and invest. By meeting with private sector economists to share information and insight, we’re making sure we have our eye on the future so we can continue to make informed decisions that keep the Canadian economy strong.”

- Bill Morneau, Minister of Finance

Quick facts

  • Canada’s economy is sound and growing at a solid pace. Economic growth in Canada is on track to average 1.7% in 2019 and 1.6% in 2020—with Canada expected to be the second-fastest-growing economy among the Group of Seven (G7) countries.

  • Canadians are creating good, well-paying jobs. In the last four years, the hard work of Canadians has helped to create more than 1 million new jobs—most of them full-time—pushing unemployment rates to historic lows in 2019.

  • Canadians’ wages are growing. For the average Canadian worker, wage growth is outpacing inflation. If current trends continue, 2019 could mark one of the strongest years of wage growth in close to a decade.

  • Business profits are solid. Businesses in Canada are now recording higher-than-average after-tax profits—boosting their competitiveness and setting the stage for further investments and the creation of more good, well-paying jobs.

  • Canada’s net debt-to-GDP (gross domestic product) ratio remains the lowest in the G7, keeping our country in an enviable position among our peers. Our relatively low level of debt is a major competitive advantage, which the government is fully committed to maintaining in an increasingly volatile and unpredictable world.

Associated links

Contacts

Media may contact:

Pierre-Olivier Herbert
Director of Communications
Office of the Minister of Finance
pierre-olivier.herbert@canada.ca
613-369-5696

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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