Remains confident we will return to balanced budgets in 2015
June 16, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today met with Canada’s leading private sector economists to gather their views on Canada’s economic prospects.
The economists confirmed that Canada’s economy remains resilient, despite an uncertain global economic climate. Noting that risks remain, Minister Oliver reiterated the Government’s relentless focus on creating jobs, growth and long-term prosperity through the low-tax Economic Action Plan.
The average of private sector economic forecasts forms the basis for the Department of Finance’s economic and fiscal planning assumptions. This ensures objectivity in the fiscal forecast—a practice supported by organizations like the International Monetary Fund.
- As outlined in Economic Action Plan 2014, the Government’s responsible fiscal management is expected to yield a solid surplus in 2015–16.
- Canada has one of the smallest total government budget deficits in the Group of Seven (G-7), and the lowest total government net debt-to-GDP (gross domestic product) ratio of any G-7 country, less than half the G-7 average.
- Canada is one of only a handful of countries in the world, alongside Australia, Denmark, Finland, Sweden, Norway, Switzerland and Singapore, that continues to receive a triple-A credit rating, with a stable outlook, from all the major credit rating agencies.
- The June 2014 survey of private sector economists projects a somewhat higher level of nominal GDP and somewhat lower interest rates relative to the Economic Action Plan 2014 survey.
“At a time of global economic uncertainty, we remain focused on what matters most to Canadians: a low-tax plan which creates jobs, growth and long-term prosperity. After today’s meeting I remain confident we will achieve a balanced budget next year. When that happens our top priority will be to provide tax relief for hard-working Canadian families.”
– Joe Oliver, Minister of Finance
Director of Communications
Office of the Minister of Finance
Department of Finance