A budget for an uncertain world – Geopolitical risks puts economy at risk
Finance Minister Chrystia Freeland on Thursday presented a much more prudent budget than anticipated because of “uncertainty” in then world.
The Liberals cut back on some of their many campaign promises last fall and will not meet NATO’s defence targets in order to provide a declining debt-to-GDP ratio.
The federal deficit is now at $52.8 billion for 2022-2023, slightly less than expected in last fall’s economic update at $58.4 billion. Even though the government benefited from an additional $14.3 billion dollars thanks to inflation and high prices generating revenue in taxes, Freeland chose to stay nimble and not spend all of the extra money in the government’s coffers.
