Thursday, May 23, 2024

Deputy Prime Minister to attend meeting of G7 Finance Ministers and Central Bank Governors in Japan

May 6, 2023Ottawa, Canada – Department of Finance Canada

Next week, from May 11 to 13, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend the meeting of G7 Finance Ministers and Central Bank Governors in Niigata, Japan.

At this meeting, the Deputy Prime Minister and Canada’s G7 partners will discuss how we can work together to friendshore our economies to grow our clean economies and increase our shared economic and energy security. Other topics will include fighting climate change, increasing tax fairness, supporting vulnerable economies, and holding Russia accountable for Putin’s illegal and barbaric full-scale invasion of Ukraine while supporting Ukraine’s economic resilience and reconstruction.

“Amidst the significant challenges facing democracy and our planet, Canada and our G7 partners are working together to defend the rules-based international order and build a more prosperous future for people around the world. Next week’s meeting is an important opportunity to discuss how we can friendshore our economies and create good jobs, while also continuing to work together to ensure that Ukraine is victorious and Putin’s criminal regime is held accountable for his war, which is having such devastating impacts on the global economy.”

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

Deputy Prime Minister to attend meeting of G7 Finance Ministers - The Honourable Chrystia Freeland

Quick facts

  • Over 900,000 more Canadians are employed today compared to before the pandemic, and at just five percent, Canada’s unemployment rate is near its record low.
  • In part due to the federal government’s Canada-wide plan for affordable early learning and child care, the labour force participation rate for women in their prime working years is at a record high of 85.2 percent in April 2023, compared to just 77.5 percent in the United States.
  • The IMF projects that Canada will have the strongest economic growth of all G7 countries over the course of this year.
  • In Canada, inflation has declined from 8.1 percent last June to 4.3 percent as of March 2023, and the Bank of Canada predicts it will drop to 2.5 percent by the end of this year. 
  • At 1.4 percent, Canada’s deficit to GDP ratio is the lowest in the G7, which is expected to continue to decline in the years ahead. Canada also has the G7’s lowest net debt to GDP ratio.
  • On April 19, 2023, S&P reiterated Canada’s AAA credit rating because of our strong economy, resilient institutions, and overall prudent fiscal management.