Four challenges that must be addressed in next week’s election-year budget speech GlobeBusiness
Bill Morneau, Canada's Minister of Finance, is photographed after a Globe and Mail interview in Toronto, on March 13, 2019.On March 19, Finance Minister Bill Morneau will table his fourth budget. With an election looming this fall, Budget 2019 will be an election budget.
Sunny ways came. The economy strengthened. The unemployment rate fell. But, in 2019, there are clouds on the horizon. Some of these clouds come from economic factors. The global economy shows signs of distress in the face of trade and political tensions. Some of the clouds are coming from self-inflicted mistakes. The SNC-Lavalin affair has preoccupied the government and could affect confidence in its ability to manage the country’s affairs.
Challenge No. 1 is building confidence in the face of growing economic uncertainty. While job numbers continue to to exceed expectations, the economy ground to a halt in the last quarter of 2018. Both investment and exports fell sharply reflecting global uncertainty and weak oil prices. If continued, the job market would eventually be negatively affected, and we would see a rise in the unemployment rate.
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