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Prime Minister Announces Canada's Growth and Investment Strategies
ANTALYA, TURKEY--(Marketwired - Nov 15, 2015) - Prime Minister's Office
The Prime Minister, Justin Trudeau, today unveiled Canada's Adjusted Growth Strategy and Investment Strategy, both focused on strengthening the Canadian economy. These strategies are based on key commitments to invest in the economy to create jobs, strengthen the middle class, and help those working hard to join it. The announcement of the two strategies comes as the Prime Minister meets with other G20 leaders in Antalya, Turkey.
Canada's Adjusted Growth Strategy will strengthen the economy by making it more competitive, creating jobs, and enhancing skills training.
Canada's Investment Strategy supports a strong economy through high-quality, historic investments, particularly in transit, green, and social infrastructure.
These strategies include transformative infrastructure investments, a reduction in the federal small business tax rate, and targeted investments in new jobs and skills training, including improved support for youth and Indigenous peoples. They also include the Government's new innovation approach, a tax cut for the middle class, and investments in families with the creation of the Canada Child Benefit.
The strategies also demonstrate Canada's contribution to the G20's overarching objective of strong, sustainable, and balanced growth. In its role as Co-chair of the G20 Framework for Strong, Sustainable and Balanced Growth Working Group, Canada is encouraging G20 members to remain committed to the implementation of their growth strategies which, if fully implemented, are expected to lift the G20's collective gross domestic product by two per cent by 2018.
Quote
"Working with my fellow G20 leaders, we can strengthen the global economy and, in turn, ensure all Canadians have a real and fair chance to succeed. When the middle class has more money to save, invest, and grow the economy, we all benefit, and I am proud to share a new and positive Canadian vision for stronger growth and investment. We are committed to working with our G20 partners to make a real and valuable contribution to a more peaceful and prosperous world."- Rt. Hon. Justin Trudeau, Prime Minister of Canada
Quick Facts
A key focus of the G20 has been to foster strong, sustainable, and balanced global growth through collective actions.
Canada's Adjusted Growth Strategy is published as part of the set of national adjusted growth strategies G20 members put forward at the Leaders' Summit in Antalya, Turkey, on November 15 and 16, 2015.
Canada's Investment Strategy is published as part of country-specific investment strategies that G20 members put forward at the Antalya Summit.
The G20 is the premier forum for international economic cooperation, with members accounting for 85 per cent of global output and two-thirds of the world's population.
Associated Link
This document is also available at http://pm.gc.ca
Backgrounder: Canada's Adjusted Growth Strategy and Investment Strategy for the G20
At the G20 Leaders' Summit, which took place from November 15 to 16, 2015, in Antalya, Turkey, the Government unveiled Canada's Adjusted Growth Strategy and Investment Strategy. These strategies are based on the Government's key commitments to invest in the economy to create more and better jobs, and to strengthen the middle class and help those working hard to join it. They include:
Help for the middle class and those working hard to join it through reductions in federal income taxes for middle-income earners as well as the creation of the new Canada Child Benefit-one simpler, tax-free, and more generous benefit for families who need it most;
Transformative investments in infrastructure by almost doubling infrastructure investments in priority areas over the next decade, including a quadrupling of investment in public transit infrastructure, dedicated funding for green infrastructure, and new, dedicated funding for social infrastructure;
A reduction in the federal small business tax rate which will allow small businesses to retain more earnings that can be used to reinvest and create jobs;
New funding for jobs and skills training, and to support the participation of Indigenous peoples, youth, and other under-represented groups in the labour market. The strategies have a particular focus on creating more jobs and better work opportunities for young Canadians, as well as increasing the affordability of post-secondary education;
Providing resources for a new innovation approach that will help innovative businesses to grow and create jobs; and
A sustainable and growth-supporting fiscal policy planning framework anchored by a declining federal debt-to-gross domestic product ratio, a commitment to a balanced budget in 2019-2020, and clear measures to improve fiscal transparency.
Canada's Adjusted Growth Strategy
Canada's Adjusted Growth Strategy highlights a new vision and direction for building Canada's economy. It supports the Government's objective to create a prosperous Canadian economy and society, and increase living standards of Canadians. It also demonstrates Canada's contribution to the G20's overarching objective of strong, sustainable, and balanced growth.
Similar to the adjusted growth strategies of other G20 members, Canada's Adjusted Growth Strategy complements the comprehensive growth strategy it released at the Brisbane Summit in November 2014. Canada's Adjusted Growth Strategy includes detailed information on the implementation status of policy initiatives Canada has previously committed to at the G20.
Canada's Adjusted Growth Strategy is published as part of the set of national adjusted growth strategies G20 members put forward at the Leaders' Summit in Antalya, Turkey, on November 15 and 16, 2015.
The objective of the G20's adjusted growth strategies is to ensure that all G20 members' economic plans remain effective in light of the evolving global economic situation, challenges, and policy priorities.
G20 adjusted growth strategies set out the new policy commitments and initiatives G20 members are taking in 2015 to support the global economic recovery and foster strong, sustainable and balanced growth. These include macroeconomic and structural reform measures put forward since the Brisbane Summit to support short-term demand and long-term growth potential. They also include information on members' progress on the implementation of their previous G20 commitments. Some also outline members' plans to reduce income inequality and foster more inclusive growth.
As Co-chair with India of the G20 Framework for Strong, Sustainable and Balanced Growth Working Group, Canada has played a key role in the development of G20 members' comprehensive growth strategies and adjusted growth strategies in 2014 and 2015. In particular, Canada coordinated the process for the development of the strategies and encouraged G20 members to put forward effective and high-impact measures in their strategies to foster strong, sustainable, and balanced growth.
Canada's Investment Strategy
As part of its new vision for promoting economic growth, Canada has put forward an Investment Strategy outlining the Government's renewed focus on strengthening the economy through investment, particularly as it relates to transit, green, and social infrastructure. The strategy also highlights steps being taken to put in place complementary policies to support a strong economy and middle class. The strategy includes select key measures that will improve fiscal transparency and help foster productivity by supporting Canada's businesses and entrepreneurs to become more innovative, competitive, and successful.
Canada's Investment Strategy is published as part of a set of country-specific investment strategies that G20 members put forward at the Leaders' Summit in Antalya.
The G20 investment strategies highlight key measures being taken by G20 members to overcome barriers to investment. The strategies also highlight policies that facilitate and safeguard higher quality investment by focusing on three areas: the investment ecosystem, infrastructure, and small- and medium-sized enterprises. They support the G20 growth strategies by improving knowledge-sharing on the diversity of approaches to overcoming barriers to investment.
