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Finance Minister Highlights Canada's Global Leadership and Actions to Preserve Canadian Strengths in the Global Economy

MONTREAL, Quebec, June 07, 2011 — An economic and fiscal performance at the front of the global pack and a determination to return to balanced budgets were key themes in a speech by the Honourable Jim Flaherty, Minister of Finance, to the Conference of Montreal the day after the tabling of the Next Phase of Canada’s Economic Action Plan.

“What is a starting point for Canada would gladly be accepted as a finish line by many, many others,” said Minister Flaherty, noting that Canada has seen the strongest employment growth among Group of Seven (G-7) nations since mid-2009 and has more than recouped all of the loss in output experienced during the global recession. “We entered a crisis strong and well-prepared. We are coming out of it even stronger, more competitive and increasingly influential in the global efforts towards a long-term economic recovery.”

In his address Minister Flaherty summarized the Next Phase of Canada’s Economic Action Plan, which includes a number of measures designed to preserve Canada’s advantage in the global economy, strengthen the financial security of Canadian workers, seniors and families, and provide stability during an uncertain global recovery.

“Canadians gave us a mandate to stay focused on the economy and pass measures aimed at strengthening both our economic recovery and our country, and we’re following through on these commitments,” said Minister Flaherty.

Minister Flaherty added that the reintroduced budget includes a Strategic and Operating Review that, once completed, will allow the Government to return to budget balance by 2014–15, one year earlier than planned and well ahead of the fiscal consolidation targets set by the G-20. According to the International Monetary Fund, Canada will be one of only two G-7 nations to return to budgetary balance by 2016.

“Countries the world over are learning the hard way the need to get their fiscal houses in order,” said Minister Flaherty. “Strong fiscal management will continue to be the cornerstone of this government, as our country completes the transition from providing temporary stimulus to winding it down, to eliminating the deficit and returning to balanced budgets. The Government will rely on the same fiscal discipline in evidence in the years prior to the global economic crisis, when the federal net debt-to-GDP (gross domestic product) ratio fell to 29 per cent in 2008–09, its lowest point in nearly 30 years.”

News source: Department of Finance

 

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