O.E.C.D. Report- Canada has a Strong Economy and good Planning
24 Jul 2018
The plan of the Government of Canada to invest in the middle class has become successful for everyone, as per the Report of the Organization for Economic Co-operation and Development. Finance Minister Bill Morneau has welcomed this development. Additionally, Canada boasted of the highest growth rate in the G7 countries during 2017. Furthermore, the GDP growth is expected to be equally good in the coming year. The report finds that most Canadians are doing well in well-being, health, personal security, education, skills, and the quality of the environment. The efforts of the Government's for investments in infrastructure, in the National Housing Strategy, and also in the new Employment Insurance Parental Sharing Benefit will also have a positive impact .
The O.E.C.D. report has also made a note of the risk factors to the economic outlook of Canada. It feels that there is a serious uncertainty regarding present renegotiations on the North American Free Trade Agreement, and the imposition of trade restrictions by the United States. A correction in the housing market is also a risk.
The Government has a resolve to strengthen the growth of the middle class, and help people in joining the middle class. It has a long term plan to grow the economy .
The O.E.C.D. Economic Survey has made a few recommendations to the policymakers. It extensively deals with macroeconomic developments, monetary as well as fiscal policy. The other topics of focus are, the environmental sustainability and the housing market . Also there is a stress on on making the most of immigration and taking measures to increase inclusiveness for youth, women, and senior citizens. The Survey feels that the immigration system in Canada is highly successful and there is an ideal management behind it. The Government has taken a few initiatives for advancing gender equality and also for improving skills training and labor market information and.
The government's plan has created a better situation for Canadians through these investments.
Facts
- Since 2016, there are more jobs for Canadians and as a result the unemployment is pushed to a 40-year low.
- The debt-to-GDP federal ratio of Canada is down and the deficit-to-GDP ratio will reach 0.5 per cent in 2022–23.
- The total government net debt-to-GDP ratio of Canada stands at the lowest in the G7 countries.
