Minister Morneau Talks Affordability and Middle Class Jobs with G7 Partners

From: Department of Finance Canada

The Government of Canada’s plan to invest in the middle class and those working hard to join it has resulted in more good, well-paying jobs, record low unemployment, and one of the fastest-growing economies in the G7.

Finance Minister Bill Morneau is in Chantilly, France, for the next two days to meet with his fellow G7 Finance Ministers. At the meeting, he will highlight the progress Canada has achieved to make life more affordable for middle class families – encouraging his G7 colleagues to work together to address emerging challenges that make it harder for people to save money and find good jobs.

Minister Morneau will also highlight Canada’s efforts to better support women and children. This includes record-breaking investments in affordable housing, skills training and a new, more generous Canada Child Benefit that has helped lower Canada’s poverty rate to the lowest point in the country’s history.

The meeting of G7 Finance Ministers is a precursor to the G7 Leaders Summit, taking place in Biarritz, France, August 24 to 26.

Quotes

“In Canada, we’re seeing encouraging signs that investing in the middle class works: record low unemployment and poverty, more than a million new jobs, wages rising faster than inflation. Still, the concerns I hear from Canadians – whether it’s about finding and keeping a good job, or being able to save enough for the future – these are issues that impact people around the world. We need to work together to make sure that everyone has a real and fair chance to succeed, and I look forward to speaking with my international colleagues about how we can best do that.”

– Bill Morneau, Minister of Finance

Quick facts

  • The G7 brings together Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union.

  • The G7 is a forum for frank and open discussions among leaders, ministers and policy-makers. As a member of the G7, Canada plays a leading role on the international stage and is able to promote and deliver on domestic and international priorities.

  • Canada is expected to be the second-fastest-growing G7 economy in 2019, according to the International Monetary Fund, and to tie as the fastest-growing G7 economy in 2020.

  • Canada has the lowest net debt-to-GDP 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.

  • Between 2015 and 2017, the poverty rate fell by more than 20% to 9.5%, representing approximately 825,000 fewer Canadians living in poverty. With a poverty rate of 9.5% in 2017, Canada has reached its lowest poverty rate in history.

  • During Canada’s G7 presidency in 2018, a key priority was to address barriers and improve the quality of life for girls and women.

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