Canada has published its Fall Economic Statement, the main points being growth forecasts have been cut and a series of higher budget deficits are to come for at least the next three fiscal years beginning in 2024/25.
Canada's finance ministry estimates 2024 growth at 0.4%
- this compares with the 1.5% forecast in the late March budget
Said the federal debt-to-GDP ratio would increase for 2023/24 and 2024/25 fiscal years before starting to decline in 2025/26
- deficit for 2023/24 fiscal year set to be little changed at C$40bn
- will rise to C$38.4 bn in 2024/25 (larger than the C$35bn estimated in March)
- for 2025/26 it will hit C$38.3bn (from C$26.8bn projected back in March)
- 2026/27 is seen at C$27.1bn (March forecast was C$15.8bn)
USD/CAD little changed:
