Finance Minister Maintains High Confidence on Direction of the Canadian Economy
Canadians have received some reassuring news in recent weeks as Finance Minister Joe Oliver has told the country that he’s confident the country is on the right track. The Finance Minister has praised the country’s performance in what has been a difficult year for some areas of the economy:
“Overall I think the economy is moving in the right direction. We’re looking to a (budget) surplus next year. There’ve been over 1 million jobs created, and growth is moving at a reasonable pace, and inflation is certainly well within the target range.”
Canadian Finance Minister, Joe Oliver
This positive reflection from the Finance Minister follows on from recent data showing that the country is outpacing the performing of its neighbours to the south in many areas. In the first quarter of the year, Canada’s GDP grew a modest 1.7% while the US’s GDP shrank by 0.5%. These numbers highlight the challenges found across the North American economy but also point to the evolving nature of the US/Canada business relationship, as Canada continues to take a leading role across the international business landscape.
The strength in Canada’s economic position has also means that the Bank of Canada will be holding interest rates steady for the time-being. This is considered welcome news for many across the real estate sector in particular, as there are expectations that continued growth can be achieved within a strong and stable housing market environment. The continued strong economic performance and stability found across Canada’s industries means that the country has likely weathered one of the worst economic dips in recent years.