Chrystia Freeland unveils new targeted new supports as Canada faces soaring inflation and looming recession. Read more
The fiscal update slashes growth forecasts for this year and next from its Spring projections. Real gross domestic product is seen slowing to 0.7 per cent in 2023 from the originally forecast 3.1 per cent. GDP this year is expected to grow 3.2 per cent, down from an earlier forecast of 3.9 per cent.
The government is now expecting the deficit to shrink to $36.4 billion in fiscal 2022-2023 and to reach a $4.5 billion surplus by fiscal 2027-2028. “I am confident that we have the right approach… in this Fall economic statement,” said Deputy Prime Minister Chrystia Freeland during a press conference. “And what we’re announcing today – what we’ve been doing throughout – is to strike a balance between necessary, compassionate support for Canadians and fiscal responsibility.”Article content
The government said it would automatically advance Canada Workers Benefit payments for Canadians who qualified for the measure last year — a move that is expected to cost $4 billion over six years beginning in 2022/2023. This measure could provide $714 for single workers and $1,231 for a family split between three advance payments to help cope with rapidly rising costs of living.
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