Canada is a trading nation that values fair, inclusive, and sustainable global economic growth anchored in rules-based international trade. Canada also continues to be fully engaged in the multilateral process, especially at times of increased global volatility and uncertainty.
Finance Minister, Bill Morneau, will attend the G20 Meeting of Finance Ministers and Central Bank Governors in Riyadh, Saudi Arabia, from February 22 to 23. At the meeting, the Minister will emphasize the importance of fair and open trade and encourage the G20 to continue its focus on creating economic growth that works for everyone. Minister Morneau will be joined by Bank of Canada Governor Stephen S. Poloz.
The G20 meeting will also continue discussions around global tax challenges in an era of digital multinationals, as well as financial sector issues and financial inclusion in a digital age. Finally, Ministers and Governors will discuss the outlook for the global economy, including the economic impact of the coronavirus (COVID-19). Minister Morneau will also attend the G20 High Level Symposium on International Taxation where he will highlight Canada’s commitment to tax fairness.
While at the G20 meeting, the Minister will also meet with many of his counterparts, including U.S. Treasury Secretary Steven Mnuchin, French Finance Minister Bruno Le Maire, and the Treasurer of Australia Josh Frydenberg, to continue to advance their work on shared priorities.
“In an unpredictable and changing world, Canada needs to continue to lead by example and engage on the things that matter most to Canadians. The world is not immune to shocks that impact the global economy, whether it is fluctuations in oil prices or other global challenges. The Canadian economy remains strong and well positioned for future growth. Canada supports rules-based trade that promotes confidence among people and businesses to invest and innovate, and will continue to champion this approach at the G20 meetings.”
– Bill Morneau, Minister of Finance
The G20 is the primary forum for international economic cooperation among its members, the world’s major economies, representing all inhabited continents, 85% of global economic output, two thirds of the world’s population, and 75% of international trade.
The G20 reflects a recognition that global prosperity is interdependent and our economic opportunities and challenges are interlinked.
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 G7 countries.
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. Canada’s 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.