Canada: 2008 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

February 25, 2008

Preview Citation

Format: Chicago

Canada: 2008 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion, (USA: International Monetary Fund, 2008) accessed November 21, 2024

Summary

Canada has enjoyed high growth while adjusting smoothly to commodity price gains, currency appreciation, and, more recently, slowing U.S. demand. Monetary policy has appropriately shifted to guarding against increasing near-term downside risks. A sound fiscal framework policy has produced an enviably strong fiscal position that makes eliminating general government net debt feasible. The budgetary overperformance provides room for tax relief while maintaining small budget surpluses. To foster efficiency, the fiscal room should be used to reduce high marginal effective tax rates on capital, saving, and labor.

Subject: Banking, Commodity prices, Debt reduction, Income, Inflation, Labor, National accounts, Prices, Public debt

Keywords: Canadian dollar, Commodity prices, Core inflation, CR, Currency appreciation, Downgrading of the staff, Global, Headline inflation, Hedging counterparty, Income, Inflation, ISCR, Leading indicator index, Monetary policy, Staff appraisal

Publication Details

Pages:

53
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/069
Stock No:

1CANEA2008004
ISBN:

9781451807059
ISSN:

1934-7685

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