Fiscal room tightening as economy teeters, associate finance minister says
, and economists and Canada’s chief statistician also briefed the ministers on the situation facing Canada and the world.
They warn that there is a “high likelihood of a more severe recession” this year, and that the Liberal promises on everything from health-care funding and enhanced national defence spending to infrastructure improvements and climate change are going to cost a lot more than was projected. Freeland said it’s not clear yet how the COVID-19 recession will “finally play out,” and the reopening of China following years of pandemic closures is also a bit of an unknown.At the same time, Freeland said health care and the green economic transition are “real fiscal pressures” that the government has to address.
The provinces have asked for billions over the next decade to bring their health systems back from the brink of collapse. Ottawa is insisting on accountability for any new health funding, and Trudeau has not publicly committed to meet the premiers’ demands. Canadians are so heavily in debt that every interest rate hike now has a bigger impact on the economy and on individuals than it would have in the past.
Horwath thanked Trudeau for bringing the cabinet meeting to her city, but not everyone in Hamilton was as warmly welcoming.
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