The Honourable Chrystia Freeland, Canada's Deputy Prime Minister and Minister of Finance announced the new financial roadmap for Canada today and said that Canada's economic growth is strongest in G7. Highlighting some key changes, she announced that Canada would make all student and apprentice loans permanently interest-free, create new quarterly worker benefits, and double the GST benefit for the next six months.
Inflation is getting significantly worst. Canadian families are looking for relief.
Ms. Freeland said, "Canada has the lowest deficit and lowest debt-to-GDP ratio in the G7. In Canada's April budget, with inflation in Canada and around the world alleviated and still rising, we knew we had to chart a fiscally responsible course, and we did. In April, we committed to bringing the deficit down to just 2% of GDP this year. Today we forecast it will be just 1.3% of our $2.8 trillion economy. We can bring the deficit down today because our pandemic spending worked. Thanks to the historic support we provided and thanks to the incredible resilience of Canadians. Canada is entering this time of a slowing global economy from the position of fundamental economic strength. There are 400,000 more Canadians working today than before the pandemic. Our economy is now 103% the size it was before COVID hit. So far this year, Canada's economic growth has been the strongest in the G7, stronger than the US, UK, France, Germany, Italy or Japan...In the months to come, we will be able to invest in the Canadian economy. We will get through this..."
Ms. Freeland said the rising recession deficit risk is projected at $36.4B in 2022-23. The Fall Economic statement includes spending of $30B over six years.
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