Madam Speaker, right now, the Canadian economy is the fastest growing in the G7, with average growth of 3.7% after the last four quarters. This is due, in large part, to increased consumer confidence, a direct result of programs like the Canada child benefit, which puts more money in the pockets of moms and dads, so they can pay off debt, buy hockey equipment or healthier food for their children and families.
Everywhere we look, there are signs of progress for the middle class. Over 500,000 jobs have been created since 2015 and the unemployment rate is nearly the lowest it has been in a decade. Canadian economic growth has accelerated sharply since the second half of 2016. Over the last four quarters, the Canadian economy has had its fastest rate of growth in more than 10 years, and growth is forecast to be 3.1% in 2017, significantly above expectations at the beginning of this year.
These gains, coupled with a better-than-expected fiscal outcome in 2016-17, have resulted in a real positive improvement to our budget outlook. In fact, Canada's fiscal outlook has improved by over $6.5 billion annually, on average, compared to what we were expecting in March. The federal debt-to-GDP ratio has been firmly placed on a downward track, with Canada's net debt-to-GDP ratio projected to remain the lowest in the G7. Our government and the finance minister are committed to preserving Canada's low-debt advantage for current and future generations.
The actions the government has taken are having a real positive impact on our economy and for Canadians.
I would now like to go into more detail about how the government's recent fall economic statement proposes to keep us on this positive track.
Canada's fast-growing economy is giving our government the ability to reinvest the benefits of growth back into the people have who contributed most to that success. This is why we are strengthening the Canada child benefit, to ensure it continues to play a vital role in supporting families for years to come. The CCB will be strengthened by making annual cost of living increases starting in July 2018, two years—