Deputy Prime Minister and Minister of Finance Chrystia Freeland will provide an update on the state of the Canadian economy on November 3.
The Department of Finance announced Friday the date of the economic statement scheduled for the fall.
Next week’s financial presentation is expected to include updated economic projections as Canada’s economy appears to be slowing and comes as Canadians feel the effects of high inflation and amid forecasts from the Bank of Canada and economists of a potential recession in 2024.
“The statement will provide information on the state of the Canadian economy in a challenging global environment and outline the government’s plan to continue building an economy that works for everyone,” said the department in a press release.
With its latest interest rate hike on Wednesday, Canada’s central bank predicted that the country’s economic growth will continue to slow next year. Global growth will also decline to 1.5% next year, a slowdown not seen since 1982, excluding the COVID-19 pandemic and the 2008 financial crisis.
“It’s not a severe contraction, but it’s a significant downturn in the economy,” Bank of Canada Governor Tiff Macklem said Wednesday at a press conference.
Meanwhile, inflation remains high at 6.9%the Bank of Canada sees no significant evidence of near-term easing.
Freeland recently reported that the federal government is trying to exercise restraint in its spending, saying it “simply cannot compensate every Canadian for every additional cost imposed by high global inflation.” If we were to try to do that, we would be injecting fuel into the inflationary flames.”
Instead, the Liberals opted for “targeted” affordability measures, with a GST rebate soon to hit the bank accounts of eligible Canadians, and a dental and housing benefits bill has now passed. to the Senate for a final layer of scrutiny as part of a promise to see these measures passed before the end of the year.
Similarly, Prime Minister Justin Trudeau said last week that “remaining fiscally responsible and measured in our response is critical as we need to prepare for whatever may come in the weeks and months ahead. .in case things get worse.”
Along with the economic impact of the upcoming update, the document is sure to become a focal point for Conservatives and opposition New Democrats alike as they make a concerted effort to keep Canadians struggling in the face of rising cost life at the top of the political spectrum. agenda.
With files from CTV News’ Jordan Gowling
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