Follow Canadian Investment Immigration and Canadian Economic news: On the 16th, Governor General David Johnston delivered the government’s Speech from the Throne in the Senate, emphasizing the need to work towards economic development, reduce government spending, and ensure budget balance by 2015.
On that day, Johnston stated during the second session of the 41st Parliament that Canada has withstood the test of the 2008 global financial crisis, with a robust financial system and an economy gradually recovering, having created nearly one million new jobs, placing it in a leading position among developed Western countries.
He mentioned that the current government aims to fulfill the commitments made during the 2011 election to achieve budget balance by 2015 and to reduce the debt-to-GDP ratio to 25% by 2021. To this end, the government’s priority is to create job opportunities to promote economic growth while further reducing the size of government, selling government assets, controlling civil servant salaries and pensions, and reducing government spending.
Johnston also stated that the government will accelerate the development of foreign economic and trade relations, expediting negotiations with over 60 other countries based on the existing free trade agreements with 9 countries, with an agreement with the European Union expected to be signed soon.
The report also emphasizes the need to accelerate the development of energy resources in the northern regions to generate revenue for the country and benefit local indigenous peoples.