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Federal budget

Canada: Economic and Fiscal Snapshot

July 8, 2020
François Dupuis, Vice-President and Chief Economist • Mathieu D’Anjou, Deputy Chief Economist • Francis Généreux, Senior Economist

When Minister of Finance Bill Morneau presented the 2019 Economic and Fiscal Update in December 2019, we concluded our analysis as follows: “The federal government’s fiscal situation could easily deteriorate if there was a significant slowdown in the Canadian economy.” This risk eventually materialized in an unusual and completely unpredictable way. Seven months later, the forecast deficit for the current year is ten times higher than the Minister had envisioned

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