May 21, 2019 – Ottawa, Ontario – Department of Finance Canada
The success of the Government of Canada’s plan to invest in the middle class and build an economy that works for everyone continues to receive international recognition.
Finance Minister Bill Morneau today welcomed the International Monetary Fund (IMF)’s findings that “Canada has employed a judicious mix of policies to support inclusive growth and reduce vulnerabilities in the financial system.”
The IMF also affirmed that Canada posted the strongest growth rate among G7 economies in 2017 and that the unemployment rate fell to its lowest level in 40 years. It also observed that the Government took several actions to boost productivity and competitiveness, carrying a positive economic momentum through to 2018. These measures included opening the Canada Infrastructure Bank for business, introducing incentives to encourage business investment to help strengthen Canada’s competitiveness, and helping create more good, middle class jobs.
These findings were part of the IMF’s annual Article IV mission to Canada, which examines Canada’s economic and financial policies. The IMF also reviewed developments in a number of other areas, including tax and monetary policy, and looked at developments in the housing sector. The Government will continue to monitor these issues closely to ensure that its actions and investments grow Canada’s economic potential to the benefit of the middle class and all Canadians.
“When we came into office, we had a plan to grow Canada’s economy in a fiscally responsible way by investing in the middle class and people working hard to join it. That meant new investments in skills, infrastructure and job-creating business growth-all while preserving Canada’s low-debt advantage for current and future generations. That plan is now delivering real results for people, and I am proud that these results are being recognized internationally by the IMF. This is yet another sign that if we keep making smart, long-term investments in people and businesses, Canada will continue to be a global economic leader.”
– Bill Morneau, Minister of Finance
Canada is expected to be the second-fastest growing G7 economy in 2019, and tied for the fastest growing in 2020. Canada also has the lowest net debt-to-GDP (gross domestic product) ratio among G7 countries.
Under the Government’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.
The Canada Child Benefit is helping families with the high cost of raising children by putting more money in the pockets of 9 out of 10 Canadian families, and helping to lift nearly 300,000 children out of poverty.
More than 9 million Canadians are benefitting from the Government’s middle class tax cut, which gives them more money to save or spend on the things they need.
A more generous Canada Workers Benefit is putting more money in the pockets of low-income workers-encouraging more people to join and stay in the workforce, and offering real help to more than 2 million Canadian workers.
Historic investments in infrastructure, including the National Housing Strategy, are building stronger communities and helping more Canadians find a safe and affordable place to call home.