Canada is expecting a 'soft landing' this year and will avoid a recession due to slightly improved growth despite relatively high interest rates weighing on the economy, the government's federal budget said Tuesday.
Canada is expecting a"soft landing" this year and will avoid a recession due to slightly improved growth despite relatively high interest rates weighing on the"expect the economy to avoid a recession," it said, forecasting growth of 0.7 percent this year and 1.9 percent in 2025 -- compared to 0.5 percent and 2.2 percent forecast in a November economic statement.
With rising costs of living vital to most Canadians, Finance Minister Chrystia Freeland's budget presented a slew of new social spending to ease the pain, while asking the wealthiest to pay more in capital gains taxes to help offset outlays. Most of the new spending was directed to shore up the support of younger voters ahead of an election expected in 2025, in areas of"We'll build more housing and help make life cost less. We will drive the economy toward growth that lifts everyone up. That is fairness for every generation.
Small businesses meanwhile will gain a carbon tax rebate, and funds were made available for artificial intelligence research and startups.Freeland reported in the budget that the national debt will increase slightly to a new record high of Can$1.3 trillion in fiscal 2024-2025. The deficit, meanwhile, is expected to come in a bit lower than originally expected to Can$39.8 billion, and remain stable before starting to fall in 2026-2027.
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