As the federal government gets ready to release its 2023 budget on Tuesday, one economist said fiscal stimulus is unlikely to be a focal point.
on Friday, Robert Kavcic, a senior economist at BMO Capital Markets, said “wholesale fiscal stimulus” is not suitable for the current economic environment. He added that this is something Finance Minister Chrystia Freeland has previously acknowledged.
Last year in the federal government’s Fall Economic Statement, it estimated it would run a $36.4 billion deficit in fiscal year 2022-23, Kavcic said in the note. “If you look at where revenues are right now versus pre-COVID-19, and the pre-COVID-19 baseline, we're probably running at about $90 or $100 billion above that level, which is a massive positive fiscal surprise for Ottawa,” he said.
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