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Canada ends 2013 among the top growing G-7 economies

Staff writer |
Minister of Finance reminded of Canada's fiscal and economic success story on the eve of 2014, and said he expects this track record to continue to promote trade and attract investment even amidst a volatile global economy.

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"In 2013, Canada's financial services sector ranked the best in the world for the sixth year in a row," said Minister Flaherty. "With the lowest overall tax rate on new business investment in the Group of Seven (G-7), it is no surprise that real business investment in Canada is now well above its pre-recession peak, while no other G-7 country has even recovered to pre-recession levels.

"Ongoing global uncertainty and recent examples of the consequences of continued and growing deficits in other countries make it even more important for Canada to remain focused on balanced budgets. The Government is on track to balance the federal budget in 2015 and reduce the federal debt-to-GDP (gross domestic product) ratio to 25 per cent by 2021," Minister Flaherty added.

Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G-7 in 2014.

In 2013, Canada further strengthened its international competitiveness through a number of achievements. These accomplishments included an agreement on a comprehensive trade agreement with the European Union, which will result in Canadian businesses having tariff-free access to almost half of the world economy, and an agreement to establish a cooperative capital markets regulator with Ontario and British Columbia.

"In 2013, the Government continued to receive a triple-A credit rating, with a stable outlook, from all the major credit rating agencies. It is one more recognition of the fiscal progress made by this country in recent years, and Canada's growing reputation around the world. We will strive to establish a lasting legacy for the generations of Canadians to come," Minister Flaherty said.


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