This week, from May 23 to 25, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, will attend the meeting of G7 Finance Ministers and Central Bank Governors hosted by Italy. 

At the G7, the Deputy Prime Minister will advance discussions with Canada’s allies to strengthen our shared supply chains and create economic growth that is shared by all.

The Deputy Prime Minister will use the meetings as an opportunity to deepen international partnerships as the world races to build net-zero economies; advance the implementation of a Two-Pillar multinational tax system; increase productivity and boost innovation across our economies, including by investing in the transformative opportunities of Artificial Intelligence; and drive inclusive growth that is shared by all, particularly for women and girls around the world. 

At the G7, Canada will continue to call for making full use of frozen Russian Central Bank assets to pay for Ukraine’s recovery and reconstruction. Canada has been an early champion of, and continues to support, proposals to utilize frozen Russian assets for the purpose of supporting Ukraine. Russia – the aggressor – must pay for the destruction it has caused.

The G7 Finance Ministers and Central Bank Governors will be joined in person by the Ukrainian Minister of Finance, Sergii Marchenko. 

An itinerary of events will be released in advance of the meeting.

Quote

“This week’s G7 meetings are an opportunity to advance our collaboration with Canada’s closest partners and allies. Canada was an early advocate of making full use of frozen Russia Central Bank assets to pay for Ukraine’s reconstruction, and I look forward to discussing the latest proposals to do so with Canada’s closest friends and allies.”

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

Quick Facts

• The meeting will be hosted by Giancarlo Giorgetti, Minister of Economy and Finance, and Fabio Panetta, Governor of the Bank of Italy.
• Both the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) project that Canada will have the strongest economic growth in the G7 in 2025.
• Canada’s economy is growing, with data from Statistics Canada revealing that real GDP at basic prices grew 0.2 per cent in February (1.8 per cent annualized), after expanding 0.5 per cent (6.5 per cent annualized) in January. 
• Canada’s labour market is solid, with over 1.3 million more Canadians being employed today than before the pandemic, marking the fastest jobs recovery in the G7.
• Strong population growth and historically high working-age participation—particularly among women—have helped businesses overcome a record-high level of job vacancies.
• Affordable child care has enabled more women than ever before to join the work force, with Canada’s labour force participation rate for women in their prime working years reaching a record high of 85.7 per cent in September 2023, compared to just 77.4 per cent in the United States.
• Canada will assume the G7 Presidency in 2025.