As we gaze upon the global economic outlook with some anxiety, there are indicators that should give Canadians some degree of comfort.

No country is immune from international financial problems because we are all connected through import/export agreements. With that said, Canada is better off than most because our economic system has built-in checks and balances. If that’s not enough, the government under Prime Minister Stephen Harper has anticipated the trouble brewing for some years and took early measures to fend off major problems.

There are still more action items ahead that the government plans to put in place. The prime minister believes it`s vitally important to protect this country’s economy, our earnings, our savings and our jobs, during a time of global economic uncertainty. The recent election gives the government a stronger mandate to act on behalf of all Canadians.

The prime minister outlined the following immediate measures to protect our economy:

1. A commitment to take whatever appropriate steps are necessary to ensure that Canada’s financial system is not put at a competitive disadvantage.
2. Discussing the global financial crisis and strengthening our economic partnership at the recent Canada-European Union Summit.
3. Summoning Parliament to meet this fall and tabling an Economic and Fiscal Update before the end of November.
4. Participating in the G20 finance ministers’ meeting on November 8 and 9, and calling for a further meeting of G7 finance ministers to build on progress made at their last meeting.
5. Keeping government spending focused and under control by continuing with the four-year Strategic Review of departmental expenditures.
6. Convening a First Ministers’ Meeting on the Economy to discuss with premiers and territorial leaders a joint approach to the global financial crisis.

“Canadians’ worries are understandable,” the Prime Minister said. “But I want to assure Canadians that together we will weather the storm, and we will position our economy to emerge stronger than ever.”

Our federally-regulated banks and other financial institutions have remained sound, well capitalized and less leveraged than their international peers. Finance minister Jim Flaherty noted that during the recent Annual Competitiveness Forum, the World Economic Forum found Canada’s financial system to be the most sound in the world. Our financial market sophistication and investor protection is ranked among the world’s best.

Likewise, the International Monetary Fund concluded that Canada’s financial system is unique, sophisticated, well managed and able to withstand sizeable shocks.

It would appear that during this economic downturn, Canada is the place to be.

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The audio version of Garry's November 3, 2008 op-ed column can be heard by clicking here