Canada: “The Soundest Financial System in the World”

Ottawa Journal (October 03 – October 07, 2021)
David Tilson, MP

In September, the World Economic Forum released its annual Global Competitiveness Report, declaring Canada as having the soundest financial system in the world – for the fourth year in a row. It’s a rank that our Government and Canadians alike can be proud of; it’s in part thanks to Canada’s Economic Action Plan.

Canadians gave our Government a strong mandate to stay focused on what really matters – job creation and economic growth. It’s why we’re continuing to keep the economic recovery our number one priority.

In fact, Canadians only have to look at the signs, right here at home, to see how our Government’s early and prudent action has helped us weather the economic storm. Canada’s financial sector has fared better than anywhere else in the world and has served as an example for other countries to follow. The strength of our banks has helped support our economic recovery and avoid taxpayer bailouts like those experienced in the United States and Europe.

Our economy has created nearly 600,000 net new jobs since July 2009 – the strongest job growth record in the G-7. The International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) have forecasted that our economy will be among the strongest in the G-7 this year and next. Moody’s is also renewing Canada’s AAA credit rating this year due to our “economic resiliency, very high government financial strength, and a low susceptibility to event risk.”

In fact, the IMF also forecasted, recently, that Canada will have the strongest overall economic growth of G-7 countries over the next two years. They also praised us on our “sounder fiscal and financial position.”

These are all encouraging indications that Canada in on its way to a strong economic recovery over the long-term.

However, if future economic troubles occur outside our borders, it does not mean we’re immune to their effects. This is why we’re staying on course to deliver the Next Phase of Canada’s Economic Action Plan. It’s a plan that has helped guide families, seniors, and businesses through the economic challenges we initially faced. The plan helped to keep taxes low, create jobs, and deliver the savings that Canadians needed during this fragile economic time.

Moving forward, we will also stay on course to return Canada to balanced budgets. We are launching strategic and operating reviews, looking at ways we can improve Government operations and programs, to ensure value for taxpayer dollars. Doing so will support our goal of returning Canada to balanced budgets by 2014-15 – a year ahead of our original schedule. Just as always, we’ll do so without raising taxes or cutting transfers to the provinces.

We’re staying focused on the recovery because our Government understands the last thing Canada’s economy needs right now is massive tax hikes that would kill jobs and set Canadian families back.

Over the past several months, Canada has displayed resilience in the face of challenging economic troubles that have plagued other countries around the world and it hasn’t gone unnoticed. Thanks in part to Canada’s Economic Action Plan and the leadership of Prime Minister Stephen Harper, Canada is on track for a strengthened recovery and economic success over the short and long-term.