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the Parliamentary Budget Officer said it projects the federal deficit will be $25.8 billion in fiscal 2022-23, less than half of the $52.8 billion forecast in the federal budget earlier this year.
While that forecast would have the federal debt-to-GDP ratio, considered one of Ottawa’s fiscal anchors, falling from its 2020-21 peak of 47.5 per cent to 36.2 per cent, it would remain above pre-pandemic levels. “With the synchronized tightening of monetary policy by major central banks around the world to reduce high inflation, there is a risk of a more severe global slowdown, which would negatively affect the Canadian economy and federal finances,” he said.
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