Former Bank of Canada governor says the path Ottawa has charted to bring its debt under control faces significant risks. Read more
“The message is that there is a significant risk that both ratios exceed comfortable levels over the remainder of this decade, both because economic conditions will turn out to be more difficult than assumed in the 2022 and because the spending budgeted will turn out to be insufficient to achieve the policy goals promised,” Dodge wrote.
“Clearly, the ballooned levels of debt and deficits in 2021-22 that resulted mainly from spending increases in 2020 are unlikely to be sustainable,” Dodge wrote. “Action to restore a sustainable balance between revenue and expenditure was, and continues to be, required.” Canada’s Minister of Finance Chrystia Freeland and Prime Minister Justin Trudeau stop for a photo before delivering the fall economic statement in Ottawa on Nov. 3, 2022.
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