Chrystia Freeland unveils new targeted new supports as Canada faces soaring inflation and looming recession. Read more
The fiscal update slashes growth forecasts for this year and next from its Spring projections. Real gross domestic product is seen slowing to 0.7 per cent in 2023 from the originally forecast 3.1 per cent. GDP this year is expected to grow 3.2 per cent, down from an earlier forecast of 3.9 per cent.
However, Thursday’s statement also warned of a downside scenario that would see the budgetary balance deteriorating by an average of around $16 billion per year and adding 3.3 percentage points to the federal debt-to-GDP ratio by 2027-2028 if tax revenues fell, program costs were higher than expected, and if public debt charges rose dramatically.
The government said it would automatically advance Canada Workers Benefit payments for Canadians who qualified for the measure last year — a move that is expected to cost $4 billion over six years beginning in 2022/2023. This measure could provide $714 for single workers and $1,231 for a family split between three advance payments to help cope with rapidly rising costs of living.
The update also announced an investment of $250 million over five years into employment training starting in fiscal 2023-2024 to prepare Canadian workers for a shifting global economy in its Employment and Social Development Canada program.
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