World leaders gathered for the G20 summit in Toronto, Canada, were united in their desire to steady the global economy, acknowledging a proposal by Canada to cut national deficits.
"The G20's highest priority is to safeguard and strengthen recovery and lay the foundation for strong, sustainable and balanced growth, and strengthen our financial systems against risks," the leaders said the summit's final declaration.
The leaders' declaration acknowledges a proposal by Canada to cut national deficits in half by 2013 and stabilize or reduce their debt-to-GDP ratios by 2016, a major victory for Canadian Prime Minister Stephen Harper.
The declaration did add qualification that actions to spur growth "will be differentiated and tailored to national circumstances."
The G20 counties had shown unprecedented co-operation at the height of the financial crisis in 2009, when the nations agreed to lower interest rates and add fiscal stimulus into the economy.
The Canadian Prime Minister said “it is imperative we follow through on existing stimulus plans, those to which we committed ourselves last year, but at the same time, advanced countries must send a clear message that as our stimulus plans expire, we will focus on getting our fiscal houses in order".
Canada experienced recession in the 1990s and as a result implemented a plan to slash national debt and develop efficient regulators to keep a closer eye on financial institutions.
Canada fared much better during the world-wide economic crisis and has a much lower government debt compared to other countries such as the US, and the country is also increasing popular with foreign investors, including migrants who take advantage of the immigrant investor program to emigrate to Canada.
Canadian investor immigration numbers have steadily increased over the last few years, attracting 2,872 investors to migrate last year, accompanied by their family.
