Canada’s Finance Minister, the Honourable William Morneau, tabled the 2016 federal budget on March 22, 2016. The following global economic developments and outlook were noted:
The fragile and uncertain global economic environment has weighed on Canada’s economy. Over the past four years, growth in Canada has slowed to below 2% on average and the sharp decline in global crude oil prices since the end of 2014 has placed significant downward pressure on the economy. However, the conditions are in place for the economy to begin to regain momentum and post more solid GDP growth and job creation going forward.