Senior cabinet ministers highlight canada’s global economic leadership from three different continents

June 21, 2010

NEW YORK – Canada is leading the world in the global economic recovery, said the Honourable Jim Flaherty, Minister of Finance, who is in New York today to release a report charting Canada’s strong record of growth, open trade and financial sector performance as compared to other industrialized nations.
To complement Minister Flaherty’s event, the Honourable Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism, and the Honourable Christian Paradis, Minister of Natural Resources, are also releasing the same report in London, UK and in Beijing, China today.

“Wherever I travel—at home and abroad—Canada’s economic leadership is evident,” said Minister Flaherty. “We’re open for business, creating more and better jobs today and for the future. As Canada prepares to host the world at the G-8 and G-20 summits, we have a great economic story to tell, and we can capitalize on it.”
Minister Flaherty said the document, Canada’s Global Economic Leadership: A Report to Canadians, demonstrates Canada is far advanced on the key priorities facing G-20 leaders, including fiscal consolidation, trade liberalization and financial sector reform.
The report notes that:

• The decline in output in Canada during the recession was the smallest of G-7 countries.
• Canada is the only G-7 country to have virtually recouped the loss in output during the recession.
• Canada is the only G-7 country to record a year-over-year increase in employment in March 2010.

“Continuing to emerge from the global recession, Canada showed the strongest economic growth in 10 years in the first quarter,” said Minister Flaherty. “Our Government has responded to the recession with the right policies to stimulate the economy and create jobs. We have lowered taxes, invested in infrastructure and training, and boosted support for workers and families.”

Minister Flaherty noted that Canada has kept its economy open for investment from all around the world, resisting protectionism and taking down barriers to trade.
At the same time, Canada has played a leadership role in global discussions on ways to prevent a future crisis with the G-8, G-20 and other international organizations.
As host of the G-20 Leaders’ Summit, Canada’s priority is to ensure all G-20 countries work together to put their fiscal positions on a sustainable track, strengthen the global financial system and pursue policies that foster strong, sustained and balanced growth for all countries.

“One of the key lessons of the global recession and financial crisis is that sound macroeconomic and financial policies matter. Our financial system has served as a model for reforms, and our fiscal situation is the envy of countries facing crippling deficits,” he added.

Senior government ministers are communicating Canada’s economic message to G20 governments, business leaders and investors around the world.
“Canada plays an important leadership role on the world stage,” said Minister Kenney in London. “We are keeping our fiscal house in order with a three-point plan to ensure we return to balanced budgets in a timely manner. Financial markets around the world are sending clear signals that public debt in many countries is far too high. I am proud to say that Canada’s federal deficit will be virtually eliminated by 2014.”

In Beijing, Minister Paradis noted that Canada is an ideal investment destination. “Canada is leading the way toward sustainable prosperity by reducing taxes and opening doors to foreign investment and trade,” he said. He pointed out that according to the Economist Intelligence Unit, Canada will be the number one place to do business in the G-7 for the next five years.

“This year, Canada will have an overall tax rate on new business investment that is the lowest in the G-7. Canada is also the first G-20 member to become a tariff-free zone for industrial manufacturers,” Minister Flaherty said. “This will enhance Canadian competitiveness and demonstrates Canadian leadership in support of global trade liberalization.”