(Ottawa) Finance Minister Chrystia Freeland will provide an economic and fiscal update on December 14.
Mme Freeland, who is also Deputy Prime Minister, confirmed his intention to present such an update during Question Period in the House of Commons on Thursday.
This update will provide an update on the state of health of the Canadian economy as the new Omicron variant threatens to derail the economic recovery that has been manifesting for several months.
Minister Freeland will also be able to clarify the size of the federal deficit for the current fiscal year in her update. In campaign, Justin Trudeau’s Liberals have pledged $ 78 billion in new spending over the next five years, but only $ 25 billion in new revenue.
In April, the Minister of Finance tabled a budget that included a three-year, $ 100 billion stimulus package. This budget forecast a deficit of 154 billion dollars in the current fiscal year and about 60 billion dollars in 2022-2023.
Since taking office, the Trudeau government has presented a deficit budget approaching $ 20 billion annually during its first term. During his second term, the deficit exploded because of the COVID-19 pandemic and the many support measures adopted to help families, workers and businesses during the health crisis. According to the last federal budget, the deficit was to stand at 354 billion in 2020-2021.
Former Finance Minister Paul Martin instituted the practice of doing an economic and financial update in the fall of the mid-1990s. Since then, this practice has become part of political mores in Ottawa, and even in most places. provinces.