Ottawa, Ontario – Department of Finance

Finance Minister Joe  Oliver today met with Canada’s leading private sector economists to gather  their views on the Canadian and world economies. This meeting comes ahead of  the release of Economic Action Plan 2015 on April 21st.

The economists noted  that the sharp decline in global crude oil prices and weak global economy were  affecting Canada’s economy. However, they also noted that Canada’s underlying  economic fundamentals remain strong, and that they expect real gross domestic  product (GDP) growth to average about 2 per cent for 2015 as a whole.

The  consensus at today’s meeting was that despite the elevated level of uncertainty  surrounding the economic outlook, the  average forecast in the March survey of private sector economists is a reasonable basis for fiscal planning.  

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 the International Monetary Fund—ahead  of Economic Action Plan 2015 on April 21st.

Quick Facts

• The  Government has reiterated that it will balance the budget in Economic Action  Plan 2015.
• Canada  has the lowest net debt-to-GDP ratio in the Group of Seven (G-7), with AAA credit  ratings and a stable outlook from all the major credit rating agencies.
• Canada  has created more than 1.2 million net new jobs since the depths of the  recession—one of the strongest job creation records in the G-7.
• According  to KPMG, total business tax costs in Canada are the lowest in the G-7 and 46%  lower than those in the United States.

Quote

"Our Government's low-tax plan for jobs, growth and fiscal stability is keeping us on track to balance the budget this year, while putting money back in the pockets of hard-working Canadian families. But we have more work to do—we face a struggling world economy and low oil prices. Reflecting that challenge, the budget I table on April 21st will include new action to create jobs, enhance growth and ensure long term prosperity."

- Joe Oliver, Minister of Finance