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2018 OECD Economic Surveys: Canada 2018

image of OECD Economic Surveys: Canada 2018

Well-being is high in Canada, and the economy has regained momentum, supported by a rebound in exports and strengthening business investment. Macroeconomic policies are gradually becoming less stimulatory, and budget policies are sustainable in the long term, although difficulties remain at the provincial level. House price appreciation has slowed and even reversed in some locations, partly in response to macro-prudential and tax measures, reducing wealth gains and the associated boost to private consumption, but prices and household debt remain high and affordability poor. The major risks to the economic outlook are greater trade restrictions, notably in the United States, and a housing market correction. Progress is being made in improving workforce inclusion, but challenges remain, notably in the areas of increasing female labour force participation, improving labour market information to reduce qualifications mismatches and supporting later retirement through more lifelong learning and flexibility in working hours. Canada has a well-run immigration system. Immigrants are generally well integrated, although their earnings are considerably lower than those of the comparable native-born. Selection of economic immigrants has been refined and integration programmes developed to close this gap, but these measures need to be taken further. Meeting Canada’s climate-change commitments will also be challenging.

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Basic statistics of Canada, 2017

(Numbers in parentheses refer to the OECD average)*

This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of Canada were reviewed by the Committee on 14 May 2018. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 28 May, 2018.The Secretariat’s draft report was prepared for the Committee by Mr. David Carey and Mr. Andrew Barker under the supervision of Mr. Peter Jarrett. Research assistance was provided by Ms. Isabelle Luong. Ms. Heloise Wickramanayake formatted and produced the layout. The previous Survey of Canada was issued in June 2016.Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at www.oecd.org/eco/surveys

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