At the time of year when the federal government’s Fall Economic Statement has been previously released, economists note that lower immigration targets will weigh on growth while stressing the importance of sound fiscal policy.
December 04, 2024 at 12:58PM ESTreleased a report Tuesday
“Lower population growth means lower total consumption and employment growth for the economy as a whole in the years ahead, restraining the expansion of the tax base and government revenues,” the report said. “However, lower-trend population growth will be an ongoing fiscal drag, because it pulls growth from the entire economy,” the economists said in the report.
“Fiscal credibility has suffered with successive, major new structural program spending, deficit-financed even during the expansionary phase of the economic cycle, and weak fiscal anchors.”The economists also noted that the incoming Donald Trump administration in the U.S. adds volatility to the Canadian economic and fiscal outlook, saying that most of his campaign promises “would be negative for growth in Canada.
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