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© 2000 International Monetary Fund

February 2000

IMF Staff Country Report No. 00/17

Canada: Staff Report for the 2000 Article IV Consultation

This report was prepared by a staff team of the International Monetary Fund following discussions with the officials of Canada on economic developments and policies. The report was then considered by the IMF’s Executive Board in the context of the IMF’s periodic consultation with Canada, as required under Article IV of the IMF Articles of Agreement. The views expressed in the staff report itself are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF or of the authorities of Canada, a supplementary statement by IMF staff may also be included. The views of the Executive Board as expressed in the discussion of the Article IV consultation report and as summarized in a Public Information Notice (PIN) are also included. In addition, a statement by the member country authorities may be appended. Further background documentation prepared by IMF staff for the consultation may be published separately at a later date. The policy of publication of Article IV staff reports allows for the deletion of market sensitive information.

This Article IV staff report is published—both in hard copy and on the IMF’s website (—as part of a pilot project. To assist the IMF in evaluating the pilot project for release of Article IV staff reports, reader comments on the staff report are invited prior to October 5,2000, and may be sent by e-mail to

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Staff Report for the 2000 Article IV Consultation

Prepared by the Staff Representatives for the 2000 Consultation with Canada

Approved by Claudio M. Loser and G. Russell Kincaid

December 28, 1999


  • I. Introduction

  • II. Economic Developments and Outlook

  • III. Policy Discussions

    • A. Monetary Policy and the Exchange Rate

    • B. Fiscal Policy

    • C. Other Issues

  • IV. Staff Appraisal

  • Tables

  • 1. Selected Economic Indicators

  • 2. Balance of Payments

  • 3. Federal Government Budget, Public Accounts

  • 4. Net Government Debt

  • 5. Indicators of Economic Performance

  • 6. Staff Projections

  • 7. Medium-Term Projections for Federal Government Budget

  • Figures

  • 1. Output and Demand

  • 2. Unemployment

  • 3. Employment and Output Gap

  • 4. Core CPI Inflation

  • 5. Bilateral and Real Effective Exchange Rate

  • 6. Monetary Conditions Index

  • 7. Interest Rate Differentials

  • 8. Federal Fiscal Policy Indicators

  • 9. General Government Net Debt

  • 10. Personal Sector Net Worth

  • 11. Nonfinancial Corporate Debt

  • Boxes

  • 1. The Output Gap, Potential Output, and Potential Growth

  • 2. Canada-U.S. Economic Integration: An international Comparison

  • 3. Key Implications of the World Economic Outlook for Canada’s Bilateral Surveillance

  • Appendices

  • 1. Fund Relations

  • II. Core Statistical Indicators

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February 2, 2000

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Public Information Notice (PIN) No. 00/11


February 18, 2000

International Monetary Fund

700 19th Street, NW

Washington, D. C. 20431 USA

Washington, D.C. 20431 • Telephone 202-623-7100 • Fax 202-623-6772 •

Canada: Staff Report for the 2000 Article IV Consultation
Author: International Monetary Fund