经合组织经济调查：加拿大2025

OECD Economic Surveys:Canada 2025 May 2025Volume 2025/12 OECD Economic Surveys:Canada2025 This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements inthe West Bank under the terms of international law. Note by the Republic of Türkiye The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European UnionThe Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus. ISBN 978-92-64-74597-1 (print)ISBN 978-92-64-40288-1 (PDF)ISBN 978-92-64-56546-3 (HTML) OECD Economic SurveysISSN 0376-6438 (print)ISSN 1609-7513 (online) OECD Economic Surveys: CanadaISSN 1995-302X (print)ISSN 1999-0081 (online) Photo credits:Cover © Shawn.ccf/Shutterstock.com. Executive Summary © Brandon Farrell/Shutterstock.com.Chapter 1 © Krakenimages.com/Shutterstock.com. Chapter 2 © Elena_Alex_Ferns/Shutterstock.com. Chapter 3 © nblx/Shutterstock.com.Chapter 4 © RUl8let/Shutterstock.com. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. This Economic Survey was prepared by Katja Schmidt and Gilles Thirion under the supervision of Pierre Beynet.Research assistance was provided by Béatrice Guérard, editorial assistance by Elodie Lormel and Michelle Ortiz andcommunication assistance by Laura Fortin and François Iglesias. This Survey is published under the responsibility of the Economic and Development Review Committee of the OECD.The Committee discussed the draft Survey on 21 January 2025. The cut-off date for data used in the Survey is 16May 2025. Information about this and previous Surveys and more information about how Surveys are preparedis available athttps://www.oecd.org/en/topics/economic-surveys.html. Table of contents Foreword3 Basic statistics of Canada, 20247 Executive Summary9 1Macroeconomic developments and policy challenges18 1.1. Higher tariffs are set to weigh on Canada’s outlook, compounding an already weak per capitagrowth performance191.2. Financial markets are robust but risks have increased301.3. While deficits are low, structural challenges to fiscal policy exist39References49 2Improving housing affordability53 2.1. House price and rental increases have made affordability a critical issue542.2. The decline in affordability has been driven by strong growth in demand and inadequate supply572.3. Policy efforts to restore housing affordability need to be stepped up62References72 3Adapting to climate change challenges76 3.1. Mitigation and adaptation challenges in Canada are substantial773.2.Policies to adapt to climate risks82References91