Scotiabank economist Derek Holt says Canada is at risk of racking up unsustainable debt if growth comes in worse than expected. Read on.
“Canada has departed from its post-1990s and pre-pandemic voter caution toward big spending promises and has entered a new era driven by massive spenders at federal and provincial levels of government,” Holt said. “The risk is toward even bigger deficits if GDP performs worse than expected versus the budget’s use of stale forecasts from February — before recent turmoil — and that project no contraction.
When asked about Holt’s report, both Trudeau and Freeland defended their spending as necessary and argued Canada is in a better fiscal position than its Group of Seven peers.Article content
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