Private sector economists surveyed by Ottawa forecast gross domestic product (GDP) ranging from a contraction of 0.2% to growth of 1.6%. theSun theSundaily GDP Canada economy business
Canada’s Prime Minister Justin Trudeau and Freeland speaking to the media while holding the 2023-24 budget, on Parliament Hill in Ottawa on Tuesday, March 28, 2023. – ReuterspicCanada could fall into a “shallow recession” this year, according to a worst-case scenario outlined in the government’s budget on Tuesday , but Ottawa is planning for a slightly brighter outlook.
The government pegged economic growth at just 0.3%, rebounding to 1.5% in 2024 – both figures down from previous estimates. It offered targeted inflation relief such as a grocery rebate for “the most vulnerable still feeling the bite of higher prices”. The government vowed to crack down on hidden fees and predatory lending, and to bring in “right to repair” rules for electronics and home appliances, as well as common charging standards for phones and computers – similar to the European Union – to cut costs and waste.
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