Deputy Prime Minister to attend G7 and G20 Finance Ministers’ Meetings

From: Department of Finance Canada

News release

July 22, 2024 - Ottawa, Ontario - Department of Finance Canada

This week, from July 24 to 26, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will attend meetings of G7 and G20 Finance Ministers and Central Bank Governors in Rio de Janeiro, Brazil.

At the G7 and G20 meetings, the Deputy Prime Minister will advance discussions with Canada’s allies to strengthen our supply chains and create economic growth that is shared by all Canadians.

The Deputy Prime Minister will discuss with allies further efforts to support Ukraine through to victory and into reconstruction. Canada was an early champion of G7 efforts to make full use of frozen Russian sovereign assets. The Deputy Prime Minister will work with partners to operationalize the Extraordinary Revenue Acceleration Loans agreed to in June by G7 Leaders in Apulia, Italy, which will provide approximately US$50 billion in support to Ukraine, including Canada’s $5 billion contribution.

The Deputy Prime Minister will bolster Canada's work to build clean and resilient economies and reduce economic inequalities—as demonstrated by the government’s historic investments in early learning and child care and advancing dental care and pharmacare. During the meetings, the Deputy Prime Minister and other participants will also seek to advance international tax cooperation.

An itinerary of events will be released in advance of the meetings.

Quotes

“Canada’s economy has been outperforming expectations–economic growth remains resilient, inflation has eased significantly, more good paying jobs are being created, and Canada avoided the recession that many had predicted. There are global economic challenges ahead, and this week's meetings are an opportunity for Canada and our allies to address those challenges—for people in Canada, and around the world. Together, we can create more good-paying jobs, stabilize everyday costs, and build a more prosperous future.”

- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

Quick facts

  • The International Monetary Fund expects Canada to have the second strongest economic growth in the G7 in 2024 and the strongest in 2025. Canada is the only G7 country with a GDP growth forecast above 2 per cent next year.

  • Canada’s economy is growing, with data from Statistics Canada showing that real GDP grew 1.7 per cent in the first quarter of 2024 (annualized).

  • Almost 1.3 million more Canadians are employed today than there were prior to the pandemic, marking the fastest jobs recovery in the G7.

  • In June, the Bank of Canada became the first G7 central bank to lower interest rates since the recent global rate hiking cycle. Inflation in Canada is at 2.7%, its lowest level in over three years. Canada's inflation rate has now been within the Bank of Canada's target range of 1 to 3 per cent for six months in a row.

Contacts

Media may contact:

Katherine Cuplinskas
Deputy Director of Communications
Office of the Deputy Prime Minister and Minister of Finance
Katherine.Cuplinskas@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca

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2024-07-22