.cafreeland's Fall Economic Statement presents a modest mini budget and forecasts the first surplus on the horizon since the Liberals came to power in 2015.
The Canadian PressOTTAWA – The fiscal update suggests a federal budgetary surplus is on the distant horizon for the first time since the Liberals came to power seven years ago, but that picture is clouded by a potential recession and promises to spend a lot more to support Canada’s transition to a clean and green economy.
The update also focused on matching clean energy investments and tax incentives made recently in the United States through its Inflation Reduction Act. “As the Bank of Canada fights inflation, we will not make its job harder,” Freeland said in a copy of her speech provided in advance. “We are compassionate and we are also responsible.”
The forecast also provides a downside scenario in which the Canadian economy would enter a recession next year. In the longer run, the federal government is forecasting a budget surplus of $4.5 billion during the 2027-28 fiscal year.
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