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Antalya, Turkey
November 15, 2015
http://www.pm.gc.ca/eng/news/2015/11/15/canadas-adjusted-growth-strategy-and-investment-strategy-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.
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