New York, December 9, 2010
2010-120
The Honourable Jim Flaherty, Minister of Finance, today told an audience of senior investors in New York that Canada's fiscal situation remains one of the strongest in the world, its economy is growing and the investment climate is open and welcoming.
Speaking at the Euromoney Canadian Debt Capital Markets Investor Forum, Minister Flaherty noted that the Canadian economy has experienced five consecutive quarters of economic growth, and that all of the output lost during the recession in Canada has been recouped, the only Group of Seven (G-7) country in such a strong position.
In his keynote address, the Minister highlighted the ongoing success of Canada's Economic Action Plan, which is creating jobs, supporting small and medium-sized businesses, and helping families as Canada recovers from the global economic downturn.
Other strengths cited by the Minister include the soundness of our financial institutions and an overall tax rate on new business investment that is substantially lower than in any other G-7 country and that, by 2012, will be less than half that of the United States.
Turning to natural resources, Minister Flaherty stated, "We are a world leader on the commodities front, an emerging energy superpower. In good times or bad, Canada is-and will remain-a safe, reliable source of the resources the world demands."
The Minister also noted that international investors have given Canada a strong vote of confidence. Canada returned to the global bond market in 2009–10 with two highly successful offerings, one in U.S. dollars and the second in euros. Both were heavily oversubscribed.
"At a time when a solid and sustained global recovery remains elusive," Minister Flaherty said, "Canada will take action in the aftermath of the crisis the same way it did when it first appeared on the horizon-from a position of strength."
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
