The Honourable Jim Flaherty, Minister of Finance, today welcomed Moody’s Investors Service’s report which stated that Canada’s AAA credit rating “reflects a large, diversified economy and sound macroeconomic policy management.”
“This latest report from Moody’s underscores the effectiveness of Canada’s Economic Action Plan in supporting Canada’s economy in the face of a challenging global environment,” said Minister Flaherty. “Canada’s resilient economic performance over the recovery is clearly reflected in our robust labour market performance to date, with over one million more Canadians working today than in July 2009, when the recession ended.”
The U.S.-based credit rating agency also said in its latest report that a political consensus on maintaining relatively low government debt levels coupled with a benign economic outlook should allow the Government of Canada to balance its budget within the next few years.
“This conclusion supports our view that, with Economic Action Plan 2013’s focus on the drivers of growth and job creation—innovation, investment, education, skills and communities—underpinned by our ongoing commitment to keep taxes low while carefully controlling spending, we are on track to return to a balanced budget by 2015,” said Minister Flaherty.
Moody's Reaffirms Canada's AAA Credit Rating